As some consumer tailwinds fade, new ones emerge 💨

Plus a charted review of the macro crosscurrents 🔀

Personal spending continues to rise to new record levels. (Source: BEA via FRED)

Stocks climbed last week with the S&P 500 rising 1.0% to close at 4,582.23. The index is now up 19.3% year to date, up 28.1% from its October 12 closing low of 3,577.03, and down 4.5% from its January 3, 2022 record closing high of 4,796.56.

The market rallied as we were remi…