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Tom Essaye says banks are in a good position to know how consumers are doing

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Tom Essaye, founder of Sevens Report Research, said banks have a 360-degree view of most American consumers’ financial lives now.

Big banks remark on “resilience” of U.S. consumers

But what’s notable about this week’s earnings is what they say about consumers. Tom Essaye, founder of Sevens Report Research, said banks are in a good position to know how consumers are doing.

“They’re essentially financial supermarkets, and they really have a 360-degree view of most American consumers’ financial lives now, whether it’s through checking, loans, credit cards,” he said.

Also, click here to view the full article on Marketplace.org published on April 15th, 2026. However, to see the Sevens Report’s full comments on the current market environment sign up here.

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Will the Restart of Student Loan Payments Hurt the Economy?

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Will the Restart of Student Loan Payments Hurt the Economy: Strengthen your market knowledge with a free trial of The Sevens Report.

What’s in Today’s Report:

  • Will the Restart of Student Loan Payments Hurt the Economy?

Stock futures are lower with European shares after some hawkish ECB chatter and more bad EU economic data overnight.

The ECB’s Klass Knot noted overnight that a September rate hike is being “underestimated” by markets. This is weighing on risk assets modestly this morning.

Economically, German Manufacturers’ Orders collapsed by -11.7% vs. (E) -4.0% in July while Eurozone Retail Sales in July met estimates with a monthly decline of -0.2%. The data offered fresh evidence that the European economy is threatening to fall into recession despite ongoing calls for a global soft landing.

Today’s focus will be on economic data this morning with International Trade in Goods and Services (E: -$68.0B) and the ISM Services Index (E: 52.4) due to be released. The market is looking for signs of slowing demand but not a sharp downturn in growth.

The ISM will be the more important report to watch.  If we get a number that is “too hot” or “too cold” will likely see yesterday’s stock market declines extended, while a Goldilocks print will help markets stabilize.

There is also one Fed speaker today: Collins (8:30 a.m. ET). If she pushes back on the peak rate narrative or rate cuts in 2024, that will add another headwind to stocks and other risk assets today.

Economy

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