Right now, Peterson says, the data suggests that consumers are spending across the economy and consumer sentiment has taken a turn for the better. "For most of this year, consumers were saying right now is okay, but we're worried about the future; we think a recession is coming." Peterson's first area of concern relates to the aggressive interest rate hikes made by the Federal Reserve over roughly the past year and a half, 11 rate hikes that have taken its benchmark rate above 5%. The "lagged effects of interest rate hikes will start hitting consumer spending," Peterson said. "Certainly, for the second half of the year, we're going to see slower consumer spending," Peterson said.

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Persons: Dana Peterson, Peterson, Kate Rogers, cardholders, Ryan McInerney, Ramon Lagurta, there's, Jamie Dimon, we're, Jerome Powell Organizations: Conference Board, CNBC, CNBC's, PepsiCo, Federal Reserve, JPMorgan, U.S . Department of Education