Anthony Saccaro sees the consumer “cracking a little bit,” and says where we go from here depends on what happens to the consumer. The softening labor market of the last few years is impacting spending, hitting GDP – and putting the Fed “in a pickle.” He thinks the economy is “late cycle.” Anthony notes that wage inflation is very sticky after unusual strength in the labor market a few years ago. He discusses how the Fed can try to hit their inflation target and how they can navigate their dual mandate.