CHART OF THE DAY: What recession? A record number of US consumers plan to vacation in a foreign country in the next 6 months

• The share of US consumers who plan to visit a foreign country in the next six months is at a record high.
• Apollo said the strong demand in consumer services means inflation could be difficult to contain.
• "The bottom line is that rates will stay higher for longer because the Fed is still trying to get non-housing service sector inflation under control."

Our Chart of the Day is from Apollo, which shows that the share of US consumers who are planning to go abroad for vacation in the next six months has surged to a record high.

About 24% plan to visit a foreign country, well above pre-pandemic levels of 10%-14%.