For all those who believe Trump did a masterful job negotiating higher tariffs - until his abrupt about face on Wednesday - take a look at University of Michigan sentiment readings from early April published yesterday and tell me you’re not concerned about the state of the consumer.
- April consumer sentiment fell to 50.8 - its second lowest on record - on growing tariff concerns and soaring inflation expectations - Consumers expect inflation to rise by 4.4% per year over the next 5-10 years - the highest since 1991 - and by 6.7% in the coming year, the highest since 1981. I still don’t understand those who cheered Trump on as he pushed forward with the highest tariff increases in 100 years until the fixed income markets froze up - forcing him to make an abrupt u-turn before something broke.
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