The narrative surrounding the “resilient U.S. consumer,” which has been a major upside surprise in 2025, is now facing significant headwinds, according to the Global Investment Committee (GIC) at Morgan Stanley Wealth Management. While consumer spending has maintained a steady nominal growth rate of 5% to 6%, underpinning a bullish outlook for US equities in 2026, the GIC is expressing caution. Lisa Shalett, chief investment officer and head of the GIC, warned that although the broader macroeconomic pictu ...