Younger consumer seeing less wage growth, less purchasing power, says JPMorgan's Chris Wheat

Turning now to the economy. Today would have been the day we got September personal income and spending data, which includes the Fed's preferred inflation gauge, the PCE, but this week's earnings reports have given us some clues on the pressure consumers are facing, especially the younger population. Chipotle saw a broad pull back in all income cohorts, but the company said the 25 to 35year-old group particularly is challenged.The stock got punished, losing nearly a quarter of its value this week. And our n ...