Sometimes the official economic data doesn't tell the whole story. So, when the data is in doubt, you have to go to corporate earnings releases to find the truth. Last quarter, it seems the truth was lower income households are feeling the pinch, and upper income earners are becoming more cost conscious. At least on somewhat generic goods and services. This makes perfect sense, as tickets for Taylor Swift and Beyonce cost a lot of money. So do international vacations and trips to the Gulf of Mexico. So, are the rich changing their spending patterns?

In this week's Trading Perspectives, Sam Clement and John Norris discuss recent consumer behavior, and question whether inflation is already coming down on its own thanks to these shifts.