UBS On-Air: Paul Donovan Daily Audio 'US middle-income hedonism'

US June retail sales data gives insight into the hedonism of the US consumer. The data is nominal, including price rises. Many goods prices are now falling, but areas like food sales still have lingering effects from the profit-led inflation episode. Tighter credit conditions may constrain the national pastime of US consumers spending money they do not have on things they do not need.