Just a quick update with news about the economy. It looks like the destruction and chaos of President FUBAR has already started to have an effect. Here is a story from Kitco News: Preliminary Consumer Sentiment drops to 67.8 in February, inflation expectations rise sharply Preliminary Consumer Sentiment drops to 67.8 in February, inflation expectations rise sharply
Excerpts:
(Kitco News) - The gold market is setting new all-time highs ahead of the weekend after the latest data showed consumer sentiment in the U.S. deteriorating beyond all expectations, while short- and long-term inflation expectations rose dramatically.
The University of Michigan announced on Friday that the preliminary reading of its Consumer Sentiment survey was 67.8 in February, down from January’s final reading of 71. The data was slightly below expectations, as the consensus forecast of economists called for an unchanged 71.1 reading.
“Consumer sentiment fell for the second straight month, dropping about 5% to reach its lowest reading since July 2024,” said Surveys of Consumers Director Joanne Hsu. “The decrease was pervasive, with Republicans, Independents, and Democrats all posting sentiment declines from January, along with consumers across age and wealth groups.”
And:
“Year-ahead inflation expectations jumped up from 3.3% last month to 4.3% this month, the highest reading since November 2023 and marking two consecutive months of unusually large increases,” Hsu said in the report. “This is only the fifth time in 14 years we have seen such a large one-month rise
Whoda thunk it? I just hope that more people come to realize that the government is critical, and electing competent people to run it is equally critical.
