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Dana Peterson knows a bull market when she sees a chief economist at the conference board with wonderful perception on the American consumer.

Dana, how do you link a quiescent inflation report like this over to retail sales on Thursday?

Well I think the key thing is that we are seeing inflation slowing and it's

consistent with what the Fed expects.

But as was mentioned earlier, real wages are rising and certainly it's supporting consumer

spending.

But when we ask consumers how they feel, they're still complaining about

inflation. They're still saying that everything's too expensive.

Interest rates are rising, so that means if you wanted to buy that car, our refrigerator's

going to cost more.

So I would expect that even though real wages are rising, inflation is still there and consumers

...