Consumer spending powers the economy, making up 68% of GDP here in the US. And, like it or not, much of that consumer spending is funded by debt -- credit cards, mortgages, auto loans, etc.

But rising interest rates are now starting to make the cost of that debt more expensive. That trend, combined with increases in the cost of living caused by today's spiking inflation, is pinching folks' ability to borrow and spend. See the YouTube Video for the charts and graphics: https://youtu.be/QQTSs3c1uC8