Credit card companies have reported their earnings over the past 2 hours and are in a particularly good position to take a position on consumer health. Visa increases. This is CFO Vasant Prabhu, who was asked this during a conference: Q: Vasant, if we think about your basic forecast, how do you factor in the economy? I mean, do you expect a resilient consumer, a stable economy, or are you in some sort of mild recession? A: Well, we last went through what we call our planning assumptions — on the last call for the entire year, and we told you that we didn’t assume a recession. As you can see, the development of the business has been remarkably stable. Consumption levels around the world have been indexed in the mid-1 0s for almost quarters with no signs of a change in trend. This is reflected in our outlook for the second quarter. We are not changing our expectations of the other party at this time. I mean clearly the dollar has weakened a little bit, so that will change the impact of the exchange rate on the second half, but we won’t change our views on the second half. I mean, they make assumptions. And when it slows down, we respond accordingly. Here is the answer to a particular question, where it is about the consumer: …in total consumption it is a significant stability. What happens when good spending has slowed down a bit, service spending has really picked up all the slack. And so consumers just changed their spending but spend the same amount and so the reward remained flexible. , Mastercard was referred to a „resistant consumer” a total of 12 times in an inbound call. „So start with the big picture. Consumer spending has remained flexible and we are very well positioned to take advantage of the growth opportunities ahead.” „From an overall perspective of consumer spending, we expect the consumer to be relatively flexible. Consumption patterns have largely normalized compared to the effects of the pandemic, with the exception of China.” „On the macroeconomic front, as Michael noted, we are looking at a number of factors, both positive and negative. We expect consumption to hold up relatively well in this environment, driven in part by a strong labor market” „We continue to see a fairly resilient European consumer . That’s our basic assumption as we wait.” , American Express reports this morning and the conference call is underway, but shares are up 8% and a comment on the press release said, „Our credit metrics remain strong.”