A disappointing consumer report from the University of Michigan raises concerns about stagflation as Bidenomics implodes. Credit card debt growth from the Federal Reserve earlier this week showed heavily indebted consumers have hit a brick wall as pandemic savings deplete. 

On Tuesday, Goldman's top consumer trader, Scott Feiler, wrote in a note to clients, "Our desk is getting bearish on consumer and our soft landing basket. We think it's the most vulnerable area of cyclicality, and cyclicals/defensives are priced very optimistically, and we are starting to see a defensive rotation" (full note here for pro subs).

Later in the day, Billionaire investor and Duquesne Family Office Chairman & CEO Stan Druckenmiller slammed Bidenomics, giving the economic policies an "F" - mainly because of the out-of-control fiscal spending. We outlined last year that Bidenomics was, in fact, "stealth stimulus," now putting the federal government on a crash course with stagflation as it recklessly spends $1 trillion every 100 days.