American consumers are feeling the pain of higher interest rates while Wall Street is having a ball, economist says

• Households have been hit hard by rate hikes while Wall Street has thrived, economist Stephanie Pomboy says.
• Consumers have faced soaring mortgage payments and credit-card bills, the founder of research firm Macro Mavens says.
• Pomboy flagged a surge in consumer credit-card debt in November as proof of mounting pressure.

American households are bearing the brunt of higher interest rates, while financial firms are raking it in, according to economist Stephanie Pomboy.

"Last year, as they took rates from 4.5% to 5.5%, credit spreads narrowed and stocks rose 24%," the founder and president of the boutique research firm Macro Mavens posted on X this week, referring to the Federal Reserve. "In other words, the markets eased even as the Fed 'tightened.'"