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Despite equity prices soaring to within inches of all-time record highs, it appears ‘rich’ Americans are no longer impressed by The Fed’s handiwork. As Bloomberg’s Consumer Comfort index slumps to its weakest since Dec 2015, high-income (over $75k) Americans suffered their biggest plunge in confidence since October 2013 seemingly unable to revive their animal spirits as much as CFOs and their buybacks.
High income Americans confidence typically lags stock market performance by about 4 weeks but has broken this time…
As their comfort collapses at the fastest rate in 3 years…
It appears Janet has lost control of the only monetary transmission mechanism she has left.
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