Long-time readers know that we have been cautious of a slowdown in consumer spending at a time when the consumer was the primary factor keeping the economy afloat. In hindsight, we were too early in that call: the consumer remained resilient much longer than expected, defiant in the face of rapid inflation. But this week’s GDP report suggests consumption has indeed slowed, growing at less than 1% annualized rate in 2025 versus 3% in each of the two prior years.…