Given surging mortgage rates [2], fading macro data, a Fed that perhaps is not so prone to support people's 401(k)s, we wonder, just as we have seen in the prior two cycle, whether the gains in confidence (based on future hope and expectations more than current situations) may have peaked. With yet another lower low and lower high, it seems the easy-money path to creating animal spirits is suffering an epochal series of diminishing returns.
[3]