Retail sales are still holding up, with a more-than-expected climb in December, boosted by online purchases. This has caused economists to upgrade their economic growth projections. Coupled with robust employment and wage gains, this has erased fears about an economic recession.
Credit card giant Visa Inc. (V), which will report its fiscal first-quarter financial results tomorrow, shrugged off the cost of living crisis in the last-reported quarter when its payment volumes rose 9% for the quarterly period. Moreover, although moderating inflation could hurt card companies, as it is well off its peak, it should not be a headwind for Visa.
