CREDIT NORMALIZATION: For the last year I’ve talked a lot about the process of credit normalization this cycle. It began with rising consumer delinquencies starting at the low end of the income curve. The Fed, however, provides data based on age. Credit card delinquencies of the 18-to-29-year-olds rose to 8.3% in the first quarter compared with 5.2% a year ago, but this is still below the pre-pandemic level. The delinquency rate for those 30 to 39 rose to 6.27%, which is higher than before the pandemic. Finally, for those over the age of 40, the delinquency rate is stable at around 5%. There is every reason to expect the delinquency rate in all age brackets to rise over the remainder of the year.