The news: Revolving consumer credit growth has been negative for two months, per Federal Reserve Board data.

• Annualized revolving credit growth declined 3.5% in May and 1% in June.
• A year ago, annualized revolving credit growth stood at 6.15% in May and -0.92% in June.

What this suggests: Two consecutive months of negative revolving credit growth stems from several overlapping trends.

• Stress. Most consumers pull back on spending when faced with economic headwinds or uncertainty. Looking at July core consumer price (CPI), prices leapt up 0.3% monthly, or 3.1% YoY, per the Department of Labor Statistics, suggesting consumers are feeling the burden of tariff-related costs on essentials that may lead them to trim spending elsewhere.