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Another month, another terrible reading on consumers' attitudes toward the economy — and the data contains a stark warning for the Federal Reserve on Americans' expectations for inflation over the long run.
Driving the news: The University of Michigan's consumer sentiment index fell sharply to a new all-time low in May, at 44.8, from 49.8 in April.
What they're saying: "The cost of living continues to be a first-order concern," survey director Joanne Hsu says in the report, "with 57% of consumers spontaneously mentioning that high prices were eroding their personal finances, up from 50% last month."
