A Sentimental View of the Stock Market
A funny thing happened on the way to the 2024 election. Well, actually, a lot of funny things happened. (Ron DeSantis!) But I’m talking about the economy. As I wrote in my latest column, there seems to have been a sudden upswing in consumer sentiment, which is finally starting to catch up with the reality that inflation has plunged while unemployment has remained low.
And I do mean sudden. Here’s a chart from the Michigan survey, the most widely cited measure of consumer sentiment:
