{"id":241398,"date":"2026-04-10T13:19:00","date_gmt":"2026-04-10T17:19:00","guid":{"rendered":"https:\/\/ibkrcampus.com\/campus\/?p=241398"},"modified":"2026-04-13T04:31:28","modified_gmt":"2026-04-13T08:31:28","slug":"mr-market-cratering-consumer-not-concerning","status":"publish","type":"post","link":"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/securities\/macro\/mr-market-cratering-consumer-not-concerning\/","title":{"rendered":"Mr. Market: Cratering Consumer Not Concerning"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">At 10AM ET we received a set of atrocious Consumer Sentiment readings from the University of Michigan<a href=\"#_edn1\" id=\"_ednref1\">[i]<\/a>.&nbsp; The preliminary April reading came in at 47.8, well below both March\u2019s 53.3 and the consensus estimate of 52.&nbsp; Furthermore, 1-Year Inflation Expectations jumped by a full percentage point to 4.8%.&nbsp; It is very difficult to put a positive spin on either of those statistics, yet stocks managed only a brief pause before resuming their modest advance.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The 47.8 reading for Consumer Sentiment is a record low, taking out the prior level of 50 that was recorded during the inflation spike of June 2022.&nbsp; Interestingly, both were well below the prior lows set during the Covid era.&nbsp; As the chart below shows, sentiment has never really recovered from that shock.&nbsp; Considering that stocks have gained substantially in that period, it seems sensible for markets to pay little attention to it today, even if we are now below 1980\u2019s levels.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"805\" height=\"480\" data-src=\"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2026\/04\/sosnick-pic1.jpg\" alt=\"University of Michigan consumer sentiment chart\" class=\"wp-image-241399 lazyload\" data-srcset=\"https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2026\/04\/sosnick-pic1.jpg 805w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2026\/04\/sosnick-pic1-700x417.jpg 700w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2026\/04\/sosnick-pic1-300x179.jpg 300w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2026\/04\/sosnick-pic1-768x458.jpg 768w\" data-sizes=\"(max-width: 805px) 100vw, 805px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 805px; aspect-ratio: 805\/480;\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><em>Source: <\/em><a href=\"https:\/\/www.sca.isr.umich.edu\/files\/chicsh.pdf\"><em>University of Michigan<\/em><\/a><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The bump in 1-Year Inflation Expectations was indeed a substantial leap, but well below April 2025\u2019s post-tariff high of 6.5%.\u00a0 On a long-term basis, however, today\u2019s jump was a mere blip.\u00a0 Also, bear in mind that while expectations rose a year ago as people were assessing the impact of tariffs, those fears proved unfounded.\u00a0 Of course, the concerns in 2022, however, largely did come to pass.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"815\" height=\"488\" data-src=\"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2026\/04\/sosnick-pic2.jpg\" alt=\"University of Michigan expected change in prices during the next year\" class=\"wp-image-241401 lazyload\" data-srcset=\"https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2026\/04\/sosnick-pic2.jpg 815w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2026\/04\/sosnick-pic2-700x419.jpg 700w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2026\/04\/sosnick-pic2-300x180.jpg 300w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2026\/04\/sosnick-pic2-768x460.jpg 768w\" data-sizes=\"(max-width: 815px) 100vw, 815px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 815px; aspect-ratio: 815\/488;\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><em>Source: <\/em><a href=\"https:\/\/www.sca.isr.umich.edu\/files\/chicsh.pdf\"><em>University of Michigan<\/em><\/a><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Although this data often reveals divergent views among those with different political leanings, <a href=\"https:\/\/www.sca.isr.umich.edu\/\">today\u2019s report states<\/a> that:<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><em>Demographic groups across age, income, and political party all posted setbacks in sentiment, as did every component of the index, reflecting the widespread nature of this month\u2019s fall.<\/em><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Affordability remains a key concern for respondents, which should factor into both parties\u2019 messaging ahead of November\u2019s mid-term elections.&nbsp; (Remember, <a href=\"https:\/\/forecasttrader.interactivebrokers.com\/en\/home.php\">IBKR ForecastTrader<\/a> offers prediction markets on a wide range of primaries and general elections in 2026.)&nbsp; Even though inflation has cooled substantially since 2022, prices remain high, and they are factoring greatly into people\u2019s perceptions.&nbsp; I found the following graph to be rather striking:<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1100\" height=\"679\" data-src=\"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2026\/04\/sosnick-pic3-1100x679.jpg\" alt=\"University of Michigan Chart personal finance\" class=\"wp-image-241402 lazyload\" data-srcset=\"https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2026\/04\/sosnick-pic3-1100x679.jpg 1100w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2026\/04\/sosnick-pic3-700x432.jpg 700w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2026\/04\/sosnick-pic3-300x185.jpg 300w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2026\/04\/sosnick-pic3-768x474.jpg 768w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2026\/04\/sosnick-pic3-1536x948.jpg 1536w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2026\/04\/sosnick-pic3.jpg 1970w\" data-sizes=\"(max-width: 1100px) 100vw, 1100px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 1100px; aspect-ratio: 1100\/679;\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><em>Source: <\/em><a href=\"https:\/\/www.sca.isr.umich.edu\/files\/featured-chart_large-490f7629.png\"><em>University of Michigan<\/em><\/a><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Remember, inflation is the rate of change in prices, not the price level itself.&nbsp; Reduced inflation means that prices are rising more slowly, not that they are falling!<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The timing of the survey might be clouding the data, however.&nbsp; The survey period began on March 24<sup>th<\/sup> and ended on April 6<sup>th<\/sup>, the day before the ceasefire was announced.&nbsp; Bearing in mind that today\u2019s data was the preliminary survey for April, it will be fascinating to see if the numbers improve markedly when the final survey data is released in two weeks.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Finally, I\u2019ll finish with a graph that we\u2019ve used before, the relationship between UMich 1-Year Inflation Expectations, the price of regular gasoline as measured by AAA, and the CPI index.&nbsp; I now realize that I failed to mention this morning\u2019s CPI release, where the headline number came in with a stunning 0.9% increase on a month-over-month basis.&nbsp; That was nonetheless in line with the consensus estimate, and the Core reading came in at 0.2%, better than the 0.3% consensus.&nbsp; The headline report immediately reflects the higher cost of energy, but there is clearly a lag in how that input feeds through to finished goods.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong><em>Monthly Data, 1-Year UMich Inflation Expectations (yellow, right scale), AAA Regular Gasoline Price (green, right), Annual CPI (magenta, left scale)<\/em><\/strong><\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"956\" height=\"572\" data-src=\"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2026\/04\/sosnick-pic4.jpg\" alt=\"Bloomberg chart consumer spending\" class=\"wp-image-241403 lazyload\" data-srcset=\"https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2026\/04\/sosnick-pic4.jpg 956w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2026\/04\/sosnick-pic4-700x419.jpg 700w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2026\/04\/sosnick-pic4-300x179.jpg 300w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2026\/04\/sosnick-pic4-768x460.jpg 768w\" data-sizes=\"(max-width: 956px) 100vw, 956px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 956px; aspect-ratio: 956\/572;\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><em>Source: Bloomberg<\/em><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\" \/>\n\n\n\n<p class=\"wp-block-paragraph\"><a href=\"#_ednref1\" id=\"_edn1\">[i]<\/a> Author note: as a fan of University of Connecticut basketball, my interpretation of these statistics has nothing to do with UMich beating UConn for the NCAA Championship on Monday.&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>At 10AM ET we received a set of atrocious Consumer Sentiment readings from the University of Michigan[i].&nbsp; The preliminary April reading came in at 47.8, well below both March\u2019s 53.3 and the consensus estimate of 52.&nbsp; Furthermore, 1-Year Inflation Expectations jumped by a full percentage point to 4.8%.&nbsp; It is very difficult to put a [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":241404,"comment_status":"open","ping_status":"closed","sticky":true,"template":"","format":"standard","meta":{"_acf_changed":true,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[14700,18,6,8,9,3],"tags":[],"contributors-categories":[13576],"class_list":["post-241398","post","type-post","status-publish","format-standard","has-post-thumbnail","category-ibkr-market-insights","category-macro","category-north-america","category-region","category-securities","category-traders-insight","contributors-categories-interactive-brokers"],"pp_statuses_selecting_workflow":false,"pp_workflow_action":"current","pp_status_selection":"publish","acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.9 (Yoast SEO v27.8) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Mr. Market: Cratering Consumer Not Concerning<\/title>\n<meta name=\"description\" content=\"The 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