The Zhitong Finance App learned that Société Générale strategist Manish Kabra believes that the inflation problem facing the Federal Reserve is changing: the problem is no longer that demand is too hot, but that American consumers have split into two economies. Credit card defaults have risen to the highest level since the 2008-09 financial crisis, yet mortgage defaults are still near cyclical lows — the same policy interest rate must serve both groups of people at the same time.

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