As I’ve previously discussed, this is an environment where there’s a narrative for everyone. The data over the last few years is so unclear and so politically polarizing that you can formulate whatever conclusion you want. But one thing that’s clear is that consumers remain depressed as evidenced in most consumer sentiment polls. But it’s worth asking – even with a mixed view on the economy and markets consumer sentiment appears excessively depressed relative to what’s really happening in the economy and the markets. Why is that? Sentiment is a lagging indicator. The primary reason why sentiment might be low is ... (full story)