Well, fast forward one month to the Fed's latest, just released consumer credit data (for the month of May) which confirmed that as expected, US consumers had maxed out their credit cards and the hangover had started.

Starting at the top, total consumer credit rose just $22.3 billion, the lowest monthly total since January, and a sharp drop from both April's $36.8 billion and March's record $47.5 billion.

The drop was driven entirely by a sharp slowdown in revolving debt (i.e., credit card usage) which rose by just $7.4 billion, the lowest since last August, and nearly 75% below March's record $25.9 billion.

Meanwhile, non-revolving credit, which is far more stable as it funds less discretionary items such as cars and college education, rose by $14.9 billion, below April's $18.8 billion, if in line with the average monthly increase of 2021.