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🚨 Uhhh....this can't be good
The University of Michigan’s Consumer Sentiment Index plunged to a record low of 44.8 today, marking the third consecutive monthly decline.
📌 Key details:
• Revised down from preliminary 48.2 reading
• Strait of Hormuz supply disruptions pushed gasoline prices higher
• 57% of consumers cited high prices as hurting personal finances
• Lower-income households and non-college consumers saw the sharpest declines
• Independents and Republicans recorded their weakest sentiment readings of the current administration
📌 Inflation expectations:
• 1-year inflation expectations rose to 4.8% (from 4.7%)
• Long-run inflation expectations jumped to 3.9% (from 3.5%)
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