Good morning. Phil Rosen here, reporting from New York City.
Economic data out Monday told us Americans are spending less on big-ticket items, with durable goods orders declining 4.5% in January from the prior month.
It marked a bigger drop than expected, but it does little to change that the American consumer is off to a strong start this year.
But remember, a strong consumer means high demand, which helps inflation stick around. That's the opposite of what the Federal Reserve wants.
As a result, Wall Street strategists are warning of more pain to come for investors.
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