Changing State of the US Consumer
Consumer outlook and cross-sector implications
Overview
Elevated prices across essentials (energy, food) and discretionary categories (travel, goods) are expected to persist, with risks skewed to the upside. At the same time, household balance sheets are weakening - real income growth is moderating, excess savings are largely depleted, and higher debt service burdens are constraining incremental consumer spending. Where are things headed next?
In this webinar, analysts provided an overview on conditions and a cross-sector discussion about where consumers are seeing value in goods and services to keep spending more, and where they may be cutting back. Topics included:
- What’s next for consumer debt as higher payments, slower income growth, and tighter liquidity drive delinquencies higher?
- How are consumers’ evolving value perceptions driving foot traffic and other dynamics for restaurants?
- How are the lodging companies that we rate being affected by current consumer conditions?
Speakers
Aniket Deshpande
Vice President-Senior Credit Officer/Manager, Structured Finance Group
Moody's Ratings
Inna Bodeck
Vice President – Senior Credit Officer, Financial Institutions
Moody's Ratings
Claire Li
Vice President - Senior Analyst, Credit Strategy and Guidance
Moody's Ratings
Jonathan Root, CFA
Senior Vice President - Corporate Finance Group
Moody's Ratings
Michael Zuccaro
Vice President - Senior Analyst
Moody’s Ratings
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Aniket Deshpande co-manages the Moody’s Ratings’ U.S. Consumer Asset-Backed Securities (ABS) New Ratings team. In his current and previous roles at Moody’s Ratings, Aniket has extensively contributed to thematic research articles and newsletters, many of which have been featured by top-tier media outlets and industry publications. He also speaks frequently on Moody’s Ratings behalf at industry events and serves as chair for rating committees. Aniket is also a innovation champion speaking at multiple forums on leveraging Agentic AI technologies to unlock scalable workflow solutions.
Previously, Aniket was a manager in the US structured credit team, overseeing a portfolio of over 1500 US CLOs, and formerly a lead rating analyst for securitizations backed by multiple asset types. Beyond his analytical leadership, he is a recognized advocate for inclusive culture and talent development, currently serving as Co-Chair of the Americas Pan-Asian Impact Group.
Before joining Moody’s, Aniket worked as an investment analyst at Dynamic Credit Partners, LLC, a hedge fund manager investing across structured finance, and as a government bond trader at a boutique investment bank in Mumbai, India.
Aniket earned an MBA in Finance from the Zicklin School of Business at Baruch College and holds both a master’s and bachelor’s degree from the University of Mumbai. He is also a CFA charterholder.
Inna Bodeck is a Vice President - Senior Credit Officer in the Financial Institutions Group. Based in New York, she is responsible for the ratings of the companies in the automotive captive sector as well as companies engaged in commercial aircraft leasing.
Prior to this role, Inna was an Assistant Vice President in the High Yield Corporate Finance Group. She was responsible for the coverage of high yield automotive suppliers and aftermarket players as well as manufacturing companies. In earlier roles with Moody’s, she has also covered North American investment grade and high yield consumer packaged goods companies. Prior to Moody’s, Inna worked at J.P. Morgan and UBS Investment Bank in various investment banking roles where she structured and executed debt financing transactions for corporate companies as well as alternative asset managers.
She holds a Masters of Business Administration from the Emory University and a Bachelor in Finance from the Southern Illinois University.
Claire Li, Vice President of Credit Strategy at Moody's Ratings. Claire is responsible for forming house views on macro and thematic topics and emerging risks, driving cross-functional alignment on key credit factors, coordinating rating approaches across sectors in North America. She is the author of Moody's recurring State of the US Consumer research series and oversees a broad thematic research agenda that translates macro and policy developments into actionable credit perspectives.
Claire holds an M.A. in Economics from New York University, is a Certified Financial Risk Manager (FRM).
Jonathan Root is a Senior Vice President in Moody’s Corporate Finance Group. Jonathan is the U.S. airline analyst and has rating responsibility for Enhanced Equipment Trust Certificates on a global basis. He has led Moody’s analysis on more than 55 EETCs since he began covering the airline sector in 2009. Jonathan also covers selected aerospace & defense companies including The Boeing Company, General Dynamics, Lockheed Martin and Northrup Grumman and the global package delivery companies, UPS and FedEx.
Prior to joining Moody’s, Jonathan was a Director of Finance at Automatic Data Processing, including at its European headquarters based in Paris. Jonathan started his career as an auditor with Ernst & Young and has performed different roles in financial services, including in US and Australian insolvency, litigation consulting and M&A advisory work.
Jonathan is a CFA charter holder. He has an M.B.A. in Finance from the Stern School of Business at New York University and a B.S. in Accounting and Finance from the State University of New York at Buffalo.
Mike Zuccaro is a Vice President - Senior Analyst on Moody’s Retail, Apparel and Restaurant team within the Corporate Finance Group. Based in New York, Mike is responsible for a portfolio of investment grade and high yield restaurants along with several high yield convenience stores. During his career at Moody’s, Mike has worked on an array of investment grade and non-investment grade portfolios, including retail and apparel, restaurants, consumer packaged goods and durables, aerospace, defense, capital goods, airlines and diversified companies.
Mike has a Bachelor of Science in International Business and Finance from Rochester Institute of Technology, Rochester, New York.