Morgan Stanley: Analyst Mike Wilson points out that “disinflation” is set to become a headwind in the US. 2023 has been a year of high assessments with falling inflation and cost savings. However, many positive factors are reversing next year. Fiscal stimulus is largely going to disappear, the savings glut is ending and student loan repayments return in October for 27m Americans. Disinflation is now affecting sales and investors will start to look more at top line growth than cost efficiencies.
The danger of “disinflation” becoming a headwind
