This is an excerpt from the May 28, 2026, edition of “The Tea, Spilled by Morning Joe” newsletter. Subscribe here to get it delivered straight to your inbox Monday through Friday.
INFLATION HITTING CONSUMERS HARD
PROFITS UP, WAGES FLAT
RICH SPENDING MORE
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As data released earlier this week reinforced, American consumers continue to grow ever more concerned about the state of the economy, particularly as the war in Iran drags on with no relief in sight from high energy prices and overall inflation continuing to mount, Steve Rattner said to “Morning Joe.”
The latest reading of consumer sentiment showed Americans’ views of their own financial situation has just hit an all-time, 73 year low, well below even financial crisis and Covid levels. Interestingly, since the pandemic, consumer sentiment has diverged from another, seemingly similar measure, consumer confidence, which has also dropped about 10% since Trump took office.
Why the difference? For one thing, consumer sentiment is focused on the individual situation of respondents, including with respect to inflation. Consumer confidence is more oriented toward views of the broader economy and doesn’t ask about inflation.
Watch his segment:
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