After declining in February, analysts expected a small rebound in The Conference Board's consumer confidence print in March, but instead it dropped further to 104.7 (vs 107.0 exp) from 106.7 as expectations plunged but current conditions improved...
Source: Bloomberg
However, for the 5th straight month, the conference board's headline confidence print was revised downward...
Source: Bloomberg
That is 13pts of 'confidence' erased in the last five months... to which we ask again - ...how do you revise consumer confidence?
The Conference Board's indicator inflation expectations rebounded modestly to +5.3% - still notably high but trend in the right direction...
Source: Bloomberg
The Board's labor market indicator trended modestly weaker (after being revised higher)....
Source: Bloomberg
And finally, expectations for stocks to increase from here are at their highest since Jan 2018...
Source: Bloomberg
...that did not end well for stocks.
