***Morgan Stanley Asks: How is Holiday Shopping Going?

The media is offering simple narratives around this debate but, like most things in life, it's complicated

Is the US consumer breaking records this holiday? Or is spending disappointing? The media is offering simple narratives around this debate but, like most things in life, it's complicated. The signal through the noise, in our view, is that the US consumer remains resilient, but cautious and choosy, and with divergent trends beneath the surface regarding …