Just came across these charts from the Michigan Survey of consumer sentiment.
I'm used to vertical take-off charts, but this is stunning, even for me. Americans must be scared out of their minds about inflation, with their mood swinging violently from utter complacency to strong concern in a manner of weeks.
Another chart from Michigan shows the fastest ever deterioration in financial expectations, particularly among males.
My conclusion is that consumers must already be stepping hard on the spending brakes for anything other than essentials. Latest data on the charts are from April 1, 2022, by the way.