Luxury consumer can not continue to bail out the overall economy, says BCA's Doug Peta - part 2/2
December 17, 2025 • 5m 26s
Doug Peta (Chief US Investment Strategist)
00:00.440
i
think
governor
waller
has
been
right
on
the
money
in
terms
of
suggesting
to
his
fellow
fomc
members
that
they
look
through
the
one
off
impact
of
inflation
from
tariffs
and
that
they
focus
more
on
the
full
employment
mandate
because
i
do
think
the
full
employment
mandate
is
a
Doug Peta (Chief US Investment Strategist)
00:18.520
threat
because
just
as
you
suggested
yes
i
do
believe
the
labor
market
could
tip
the
overall
economy
into
contraction
could
spell
the
end
of
the
expansion
we
have
incredibly
concentrated
job
growth
as
much
as
we
talk
about
the
equity
market
being
led
by
just
a
handful
of
issues
Doug Peta (Chief US Investment Strategist)
00:41.530
when
we
talk
about
how
narrow
the
breadth
is
in
the
equity
market
the
job
creation
so
far
this
year
it
has
been
all
about
health
care
and
social
assistance
that
has
been
the
really
the
only
game
in
town
year
to
date
and
in
particular
the
only
game
in
town
since
payrolls
growth
Doug Peta (Chief US Investment Strategist)
01:01.100
slowed
to
an
anemic
pace
beginning
in
may
and
unfortunately
those
jobs
don't
pay
real
well
the
only
other
sector
that
has
contributed
since
may
has
been
leisure
and
hospitality
which
also
doesn't
pay
well
so
what
we
have
is
all
the
job
creation
is
in
two
spaces
that
don't
Autoscroll