The Widest Page in the Book
Sentiment at a record low. Equities at a record high. They are not reading the same economy.
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1. The Widest Reading We’ve Ever Seen
The May print of the University of Michigan Survey of Consumers settled at 44.8.
That is the lowest reading the survey has ever produced. Below the 1980 stagflation trough at 51.7. Below the 2008 financial-crisis trough at 55.3. Below the 2022 inflation trough at 50.0.
In the same week, the S&P 500 closed at 7,473, a fresh all-time high and the eighth consecutive weekly gain. The Dow set a record at 50,580.
One country. Two readings. The widest page in the book.
