Sentiment at the lowest since 2011
Are consumers really feeling worse than April 2020?
That's almost impossible for me to believe. I get that delta is causing some worry but how could the sequel be worse than the original?
I'm not a huge fan of the survey and I can't take this at face value but the market is certainly moving on it. The dollar is down across the board after the report.
Powell and others at the Fed have specifically said they don't believe delta will delay or derail the recovery. They might be having second thoughts today.
That's the message in the market with a taper in September now less likely. I don't believe in this number but I'm sure it will make the Fed want to see another couple months of data to gauge whether consumers are retrenching.
