Wendy,
People foolish enough to be paying interest on credit cards will be the first to cut consumption.
While marginal that will take inflation down and down some more.
That in turn will cut wage inflation and in turn disposable income for the top 20%. We might see inflation cut by as much as .5% per month…just throwing a guestimate out there.
As the equity markets descend the wealth effect will be reigned in again cutting consumption.