Wall Street Is Calm. Consumers Are Not.

A split screen worth paying attention to.

The calm

Stocks closed the week near records, with the fear gauge under 15.

Now look closer

US consumer sentiment just crashed to 48.1, near recession levels.

The inflation fear

One-year inflation expectations jumped to 4.6%, the highest since June.

The tell: gold

Gold pushed to a record near $4,320. That is the market buying insurance.

So what now?

The gap between Wall Street and Main Street is unusually wide.

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