These are truly weird times. In fact, it is the only time in my memory that it makes more sense to pay attention to what people are saying, instead of doing. Allow me to explain.
On the first chart we see that consumer expectations are at a record low, on the same level as the dark days of 1970s double digit inflation, the 1987 Crash and the Great Debt Crisis. Notice how Americans’ expectations dropped during the pandemic and then recovered slightly, only to plunge to the bottom immediately after, despite the trillions showered upon them by the Government/Fed.