Recession risk: Consumer has ‘deteriorated faster than we’ve ever seen,’ strategist says – #marketnews

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[Recession risk: Consumer has ‘deteriorated faster than we’ve ever seen,’ strategist says]( https://finance.yahoo.com/video/recession-risk-consumer-deteriorated-faster-134001476.html)

> The state of the consumer has really deteriorated faster than we have ever seen in decades. And both consumers and small businesses are basically telling us that the recession is already here. And they have good reason to feel that way. We've seen the largest nominal drawdown. And for the combined bond and stock market on record, there's been nowhere to hide. Mortgage rates have increased at the fastest pace in history.

> And then last week's Michigan's Consumer Sentiment Report actually blew away the lows that we have seen over the past 11 recessions. Consumers are hurting that much. It's worse than we saw in the '70s, in the real estate crashes in the '80s, even 9/11 terrorist attack, and the financial crisis in 2008. Even those were not as tough on the consumers as what we're seeing today. Not even the pandemic lockdowns.

> And we're also seeing that sentiment is really widespread across generations. It doesn't matter how old you are. It doesn't matter what your income level is. It doesn't matter where you're living. That really tells us something.

So how many bought in today thinking that things are about to turn around because it was a green day?

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