The reduction in household purchasing power as a result of high inflation is reflected in declining consumer sentiment. The latest figures indicate that sentiment is at a 14-year low and below that recorded at the onset of the pandemic. [4] Some high-frequency data, such as the volume of retail sales, already points to a slowdown during the third quarter of this year.
The business reporters should go get coffee or something, because I am not going to say anything about the markets or monetary policy. Instead, I'd like to offer a few thoughts today about the inherent unpredictability of our individual lives and how one might go about dealing with that reality.