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Stephen Squeri, chair and CEO of American Categorical, speaks throughout an Financial Membership of New York occasion in New York on Nov. 10, 2022.
Stephanie Keith | Bloomberg | Getty Pictures
American Categorical CEO Stephen Squeri on Friday mentioned the bank card firm noticed “good client spending” in the course of the holidays and indicators of robust total well being for U.S. spending.
Specifically, delinquency charges have been “decrease than they have been in 2019,” Squeri informed CNBC’s Scott Wapner in an interview on the American Categorical PGA Tour occasion in La Quinta, California.
“Our clients are high-spending premium clients, and they’re persevering with to spend,” he mentioned.
The indicators of resilient client spending run considerably counter to persistent inflation. December’s client value index elevated 0.3%, hotter than the 0.2% anticipated by economists.
However Squeri mentioned he isn’t stunned, including he is of the opinion that the U.S. is in the course of a “tender touchdown,” slowing spending and bringing inflation down — with out spurring a recession.
JPMorgan Chase CEO Jamie Dimon mentioned earlier this week that he stays cautious on the U.S. economic system, together with Goldman Sachs CEO David Solomon, who mentioned it is arduous to think about the variety of Federal Reserve price cuts that the market appears to be calling for in 2024.
“I imply look, recessions do occur,” Squeri mentioned Friday. “The good half about recessions is there’s at all times a restoration. … We’ll get by way of no matter we have to get by way of, and a part of that’s due to our buyer base, and our colleagues which might be supporting our clients.”
American Categorical experiences its fourth-quarter earnings Jan 26.
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