Monday's Scoop: Steady☀️

Hey friend - hope it was a good weekend.

Insiders, catch up with the Weekly Scoop. 

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Here’s what you need to know today to inform your work, spending, and investments:

1. Americans keep spending despite high prices.

2. Gas prices keep falling.

3. Credit card debt is at record highs, but it’s mostly manageable.

Inflation Rate: +2.6% (YoY), +0.2% (MoM)
^{Policymakers aim for 2% YoY inflation (October CPI)}

Americans' credit card debt has hit an all-time high, but it’s mostly manageable. According to a new report from the Federal Reserve Bank of New York, total credit card balances rose to a record $1.17 trillion. Despite this increase, delinquency rates have actually improved. Overall, people are falling behind on their debt payments at roughly the same pace as before the crisis, and the relative size of Americans’ debt compared to their disposable income is low. This suggests that rising debt levels are still manageable for most people. However, younger and lower-income Americans are falling behind on credit card and auto loan payments faster than before the pandemic, highlighting growing financial inequality. If you carry credit card debt, it's wise to prioritize paying that down, as the high interest rates can quickly compound the debt and make it more difficult to pay off.

Travelers should get some relief at the pump this holiday. Gasoline prices are set to fall below $3 per gallon nationally just in time for Thanksgiving, offering relief to drivers as holiday travel returns to pre-pandemic levels. The American Automobile Association (AAA) reported that the national average gasoline price per gallon has reached its lowest since January and could dip further. Despite a record 71.7 million people expected to hit the road this holiday—1.3 million more than last year—fuel prices are decreasing, with some states seeing prices as low as $2.25 per gallon. For families planning road trips, this means more affordable travel and a lighter impact on holiday budgets.

Americans kept spending last month despite high prices. The Commerce Department reported that retail sales rose 0.4% in October, slightly more than economists expected, and revised its September sales numbers even higher. Consumers spent more at auto dealerships, where sales jumped 1.6%, and at restaurants and bars, which saw a 0.7% increase, suggesting people are still dining out and making big purchases like cars. Online sales also edged up 0.3%. Consumer spending drives the economy, so it’s a positive sign about Americans’ financial health despite high prices and policy uncertainty. Low layoffs, strong household finances, and cooling inflation are giving people the confidence to keep shopping.

The Market: ⬆️ +0.4%
S&P 500: 5,893.62
1Mo: +1% | 1Yr: +30% | 5Yr: +89%

The market drifted higher on Monday as investors worked through last week's concerns about tariff and tax cut policies reigniting inflation and worsening the national debt. The recent economic news has been optimistic, with low layoffs, high spending, solid corporate profits, and inflation mostly under control.