Skanda Amarnath

like, oh, this affects power, which affects transportation.

It's more like it's a risk on environment.

And so this is one in which transactions happen and correlations do go to one in both directions.

So if it's an environment where investment appetite is particularly solid, that's one in which other companies, other sectors have a chance to participate as well.

I mean, I think the consumer is spending in total at a reasonable pace.

But I think one thing that's going to be changing is they're facing more inflationary pressures.

And again, there's obviously energy, but it's also like food prices.

If you think about a lot of what is being guided on the staple side, right, suggests they're going to pass through a lot of costs.

So you think about all the pet chem prices that are in all your household cleaning products and your household paper products.

It's basically, there is assuming, okay, we're going to be able to preserve our margin.

And that means we're going to pass it through to the retailer, to the consumer.

So someone's going to hit the squeeze.

It might be the consumer in that case.

And that's really like a real consumption squeeze.

So the money can keep flowing, even though we may not necessarily be getting richer.

If anything, what you're pointing out is actually very real in the data about goods to services.

So we see in goods, obviously, consumer spending is kind of not as great.

We're not seeing the spending in terms of food and staples and even whatever else you get in the grocery store.

But if you see it in terms of services, in terms of air travel, even though airfares are going up quite considerably, the actual volumes of air travel are quite robust.

Restaurants haven't been that great.