The real margin trap isn't what Trivariate is flagging — it's deeper. When 10-year Treasuries breach 4.75%, middle-income consumers don't just cut discretionary spending; they recalibrate their baseline *consumption* itself. That hits staples harder than consensus admits because staples companies like PG have been banking on volume stickiness, but at net margins (down from prior year), pricing power is already under pressure.

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