Retailers like Target (NYSE: TGT) and Walmart (NYSE: WMT) report shifting inventory toward dailies and staple products versus discretionary items, and that is seen clearly in results from companies like Fossil Group, Inc, (NASDAQ: FOSL). By all accounts, the market and the economy are rushing toward a cliff that means job losses, earnings declines, and economic contraction that may lead to nasty negative feedback loops. The impact of inflation and rising interest rates have curbed demand to the point that higher prices no longer offset the decline.