This won't help the animal-spirity, growth-is-here, stocks-are-at-all-time-highs-so-that-must-mean-we're-doing-awesome meme that is so often propagandized to the world. UMich consumer confidence for July tumbled to 81.3 (missing expectations of a resurgent 82.9 by the most since Dec 2012) - its lowest since March. Current conditions improved modestly but more worrying is the 3rd month in a row of dropping hope for the future. The Fed may be particularly concerned as 1-year ahead inflation expectations are hovering at highs since Aug 2012.
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Not good...
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Chart: Bloomberg
