RBC Flags Early Signs of Wobbling Consumer Resilience Ahead of Retail Earnings

RBC's Consumer Warning Adds Macro Variable for Crypto

Lori Calvasina, head of US equity strategy at RBC, is warning that consumer resilience in America may be weakening. This comes as retail earnings season begins.

The nuance matters more than the headline here: a resilient US consumer has been one of the main supports for corporate earnings through a period of elevated rates. If this support wobbles, equity markets will have to price slower revenue growth even if policy remains favorable.

This is relevant for crypto because Bitcoin and other majors have traded as high-beta risk assets during macro repricing events. Equity weakness can spill into crypto liquidity even when blockchain fundamentals have not changed.