Today’s equity market rug-pull was brought to you by the friendly folks at the University of Michigan. While I’ve never understood what compound in the water in Ann Arbor makes parents suddenly bleed maize and blue when their offspring enroll at that institution, their economists should not be blamed for being the bi-weekly messengers of bad news about consumer sentiment. I’ll return to the same term that I last used to describe the UMich sentiment data: Frankly, it stinks.
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