Fed rate 📈
Consumer confidence 📉

Geopolitics and inflation get called out in both releases, a potent mix for negative emotional contagion.

Q4 will be interesting as the Fed reports:

While uncertainty remains elevated…domestic spending has been resilient

& the Conference Board says:

Consumers still anticipated their household incomes to rise, but less so compared to previous months

Add in midterm election season and I’d say we’re in the midst of a negative hype cycle.

Will shoppers go with austerity or retail therapy?