(https://www.cnbc.com/2026/07/09/pepsico-pep-q2-2026-earnings.html) despite beating on operational performance. That gap—strong international, weak North America—tells you everything about where the consumer actually is. Companies spent the last 18 months passing through pricing. Volumes held. But now? The volume collapse is happening quietly, without the recession narrative Wall Street needs to justify valuations.

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