Warsh's (https://www.marketwatch.com/story/all-eyes-are-now-on-the-bond-market-as-oil-prices-fall-will-the-fed-hike-rates-1be0b1f5?mod=mw_rss_topstories) isn't just noise for duration assets — it's a consumer spending squeeze. Staples can't expand margins with sticky input costs and private label stealing share. Discretionary gets worse: financing for mid-income consumers tightens, and that's exactly where $WMT's private Medicare denial thesis plays out hardest.

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