Welcome to the roaring twenties. Stocks are up, the economy is humming, inflation is down, and consumers are celebrating like it’s 1920. Or are they? All of that is true except the latter statement about consumer sentiment. Social scientists and journalists have been remarking on the dichotomy between a robust economy and pessimistic perceptions. In this month’s letter we delve into this conundrum and highlight the important data that are missing from discussions of the state of the economy.
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