Consumer sentiment has fallen to the lowest level ever recorded since the University of Michigan began tracking the data in 1952. The index declined to 44.8 in May as Americans increasingly fear inflation, rising fuel costs, and economic instability tied directly to the expanding conflict with Iran. This is precisely how stagflation unfolds historically. War drives commodity prices higher, governments increase spending, central banks become trapped, and the population loses confidence in the future.
The political class always pretends inflation is some mysterious event. Anyone could have seen this coming. Inflation rises during periods of war…
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