Following last month's drop and disappointing miss, University of Michigan Consumer Confidence just got even worse. Despite record high stock prices and near record high car purcahsing exuberance, consumer confidence tumbled for the 2nd month in a row (just when the pent-up demand of Q1 is supposed to kick in). This is the biggest miss of expectations since Dec 2012 and appears to confirm the lack of exuberance seen in the government's survey data [5]. Inflation expectations dropped to the lowest in 2014 as hopes for the economic outlook dropped to 3-month lows.
[6]
Not the animal-spirity, wealth-creatingy, exuberance the Fed (and every multiple expansion-hoping muppet) was expecting...
This is a major problem as...
The Fed is desperate for the economy to be strong enough for the taper to work, hence all the growth propaganda
— zerohedge (@zerohedge) June 13, 2014 [7]
