The Reuters/University of Michigan Surveys of Consumer gave a final confidence reading of 59.8 for May, slightly beating the 59.5 consensus. It was the lowest confidence level since June 1980 clocked in at 58.7.
The real story, though, was soaring inflation worries. The one-year inflation expectation which surged to 5.2% from 4.8% in April. It was the highest since February 1982. The five-year inflation expecation is now at 3.4%, up .2% from last month, the highest since April 1995.
Stagflation, here we come.
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