Markets are on a record tear, but beneath the surface, there are signs of consumer unease. Sarah Henry says despite strong employment numbers, like the 4.1% unemployment rate, and solid earnings, there are legitimate hard data concerns. Henry notes a potential 40-basis-point hit to GDP from tariffs, which could impact inventories for back-to-school and the holiday season, and says value-seeking consumers are here to stay, favoring private labels and companies with optimized supply chains.