Inflation is already taking its toll on American consumers, according to a University of Michigan report released on Friday. Investors will be next as evidenced by the action on Wall Street anytime inflation numbers are released by government agencies.

The University of Michigan consumer sentiment, a measure of American consumers’ current and future economic conditions, dropped to 61.7 in February 2022, from 67.5 in January. That’s well below market forecasts and the lowest in the last decade.

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