Episode summary
Bloomberg Money: Credit Card Indicators and Golf's Changing Fanbase | Bloomberg Surveillance
Bloomberg Surveillance
· · Hosts: Tom Keene, Paul Sweeney, Lisa Mateo, Michael Barr · Guests: Meredith Whitney, David Kelly, Brian Rolapp
Summary
The episode centered on how consumer credit data can be used as a real-time read on inflation and household stress. A guest argued that credit card balances and spending are now better indicators because banks have shifted away from near-prime and subprime lending, while consumers increasingly pay balances down each month. On that view, the recent peak in credit card spending around early April and the later peak in gas prices suggest inflation pressure is fading, and the Fed should pay close attention to weekly card data.
The conversation also painted a picture of a financially strained consumer base. The guest said more people are living paycheck to paycheck, relying on earned-wage access, payday borrowing, pawn shops, and buy now, pay later products. The host pressed on whether younger consumers are building credit histories at all, since tighter post-2010 rules and the rise of installment products have reduced revolving-card usage.
Later, the show shifted to golf, where the new PGA Tour CEO argued that the sport has been reshaped by LIV Golf and now needs innovation, media reach, and a more meritocratic structure. He said the tour’s new for-profit arm and competitive model will help players, fans, and broadcasters, while also creating room for younger stars and new formats. The discussion framed golf as a business that must modernize without losing tradition.
Key takeaways
- The guest said credit card spending peaked in early April and sees that as evidence inflation is already in the rearview mirror.
- The guest argued that banks’ retreat from near-prime and subprime lending has pushed many consumers into more expensive shadow-finance products.
- The guest said earned-wage access is a fast-growing product and can annualize to more than 160% if used repeatedly.
- The host and the guest said Gen Z and younger millennials are less likely to build revolving-credit histories, which may make future borrowing harder.
- The PGA Tour CEO said the tour is using the LIV disruption to build a more capitalized, merit-based business model with better media reach.
Notable quotes
“people aren't living paycheck to paycheck, but payday to payday”
“the fastest growing industry within fintech and financial services is advanced wage pay”
“So, this generation of Gen Z and younger millennials aren't used to revolving credit”
“we've opened up the meritocracy of the PGA Tour”
How the episode opens
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David Gur just won't go away. I mean,
We pay him to come. — Bloomberg this weekend on Friday ramping up to the show. Do you have a key guest this week? — Uh, yes. Maybe one from Michigan. I'm going to tease that. Okay, here in a moment. She's a song with us. Thank you so much for joining
And nice to have you here. We got lots to talk about. But the star of the show right now, but how did you affect Mr. Hasset here? You were talking about socialism and the new Democratic Party. — Talking about some inconsistencies maybe in uh the Republicans language, but they have talked about the communist socialist Democrats. And I asked him what a socialist was and he said it the government owns the means of production and I pointed out that the Trump administration has been taking stakes in a lot of American companies.
John Edwards years ago was old school and what I saw today was a two America's job economy. Have you ever seen it Mike McKe this split apart as we all struggle to retirement? — I don't think it was too split apart this time. It was a lot of stuff under the hood that you have to kind of thread together to make a story out of it.
From the episode’s captions: roughly the first two minutes, lightly cleaned. Keep watching on YouTube →
Topics
- credit card indicators
- credit card spending
- golf fanbase
- asset management
- investment strategy
Companies and tickers mentioned
- JPM
- JPMorgan Asset Management
- Meredith Whitney Advisory Group
- PGA Tour
Watch the episode
Summary, takeaways and quote selection by Octagon. Quotes are short excerpts; the full conversation is in the episode.
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