After trending up nicely, the MI survey of consumer sentiment tanks in Dec thanks to the self-inflicted wounds around the cliff.
Source: Univ of Michigan Consumer Sentiment Survey
Markets slumping today as their priced-in solution ran into the buzz saw of House R’s.
Er, when was the survey taken? Given the likely timing, it’s striking that consumer confidence would be more skeptical than the “efficient” financial markets. Also, at this writing the S&P is down a little over one percent–a much quieter response than I’d have expected. Perhaps it’s the holiday lull, and things will heat up late next week?