Brian Stewart

So Walmart was down after its earnings, down about 6%. The outlook was cautious. So I think the worry there was that the consumer in general is starting to slow spending. You and I talked last week about how Walmart might benefit from people... replacing some of their purchases with lower cost things.

As they move down the cost spectrum, that Walmart might be the beneficiary, kind of where people land as they start squeezing their budget. However, if they're having trouble grabbing customers, even in the sort of high inflationary environment, that might be a sign that people have stopped spending in general. So I think there's an eye on the consumer.

As they move down the cost spectrum, that Walmart might be the beneficiary, kind of where people land as they start squeezing their budget. However, if they're having trouble grabbing customers, even in the sort of high inflationary environment, that might be a sign that people have stopped spending in general. So I think there's an eye on the consumer.

As they move down the cost spectrum, that Walmart might be the beneficiary, kind of where people land as they start squeezing their budget. However, if they're having trouble grabbing customers, even in the sort of high inflationary environment, that might be a sign that people have stopped spending in general. So I think there's an eye on the consumer.

The recent economic news has been relatively strong, jobs report and so forth. Next week, the GDP report is coming out. That's backward looking. It's a revised data for the previous quarter. So that's not going to be any new information. But I do think that Walmart can act as kind of an economic indicator in itself. And it shows a little bit of worry.

The recent economic news has been relatively strong, jobs report and so forth. Next week, the GDP report is coming out. That's backward looking. It's a revised data for the previous quarter. So that's not going to be any new information. But I do think that Walmart can act as kind of an economic indicator in itself. And it shows a little bit of worry.

The recent economic news has been relatively strong, jobs report and so forth. Next week, the GDP report is coming out. That's backward looking. It's a revised data for the previous quarter. So that's not going to be any new information. But I do think that Walmart can act as kind of an economic indicator in itself. And it shows a little bit of worry.

on investors part and on corporate executives part about how much the consumer is going to hold it up.

on investors part and on corporate executives part about how much the consumer is going to hold it up.

on investors part and on corporate executives part about how much the consumer is going to hold it up.

No, just that next week is also going to see the PCE indicator release. That's the Fed's favorite inflation gauge. Inflation data from last week was much stronger than expected, kind of sparked a mini panic about the Fed really pushed back expectations. That's come back a little in the past week. People have sort of moderated their expectations.

No, just that next week is also going to see the PCE indicator release. That's the Fed's favorite inflation gauge. Inflation data from last week was much stronger than expected, kind of sparked a mini panic about the Fed really pushed back expectations. That's come back a little in the past week. People have sort of moderated their expectations.

No, just that next week is also going to see the PCE indicator release. That's the Fed's favorite inflation gauge. Inflation data from last week was much stronger than expected, kind of sparked a mini panic about the Fed really pushed back expectations. That's come back a little in the past week. People have sort of moderated their expectations.

Still, the next meeting for the Fed is still expected to be no interest rate cut. And then the meeting after that in May, also expected to be no cut. But now in the sort of June, July framework, people are starting to think that the next cut might happen.

Still, the next meeting for the Fed is still expected to be no interest rate cut. And then the meeting after that in May, also expected to be no cut. But now in the sort of June, July framework, people are starting to think that the next cut might happen.

Still, the next meeting for the Fed is still expected to be no interest rate cut. And then the meeting after that in May, also expected to be no cut. But now in the sort of June, July framework, people are starting to think that the next cut might happen.

So that PCE indicator, it's either going to confirm the sort of hot inflation that we saw a week ago, or if it gives a different indication, it might move that expectation a little bit. So if you're looking at interest rates, that's the next big piece of data coming out.

So that PCE indicator, it's either going to confirm the sort of hot inflation that we saw a week ago, or if it gives a different indication, it might move that expectation a little bit. So if you're looking at interest rates, that's the next big piece of data coming out.

So that PCE indicator, it's either going to confirm the sort of hot inflation that we saw a week ago, or if it gives a different indication, it might move that expectation a little bit. So if you're looking at interest rates, that's the next big piece of data coming out.

Great to be here, Rina.