Just as expected, with the June FOMC coming in fast and furious, the data better start coming in bad to quite bad. Sure enough, here is consumer confidence (not from UMich, but from the Confidence Board, because we need at least two indicators for every economic data point to maintain the Schrodingerian Baffle With Bullshit illusion long and strong) setting us off on the right, er, wrong path, with a 3 sigma miss to expectations of 69.6, dropping precipitously from 69.2 to 64.9, the lowest since January, the third miss in a row, and undoing all the "gains" from the recent bipolar UMichigan consumer confidence which in turn soared for no reason whatsoever. Finally, 12 month inflation expectations drop from 5.8% to 5.6% - not good for a central bank hoping to get consumers to spend or gamble. This is either good or bad for stocks.
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