The University of Michigan consumer sentiment index fell to 44.8 in May, its lowest reading ever, as gasoline prices and inflation fears weigh on risk assets.

The preliminary snapshot released earlier in the month was dismal, comparable to levels not seen since the huge post-COVID inflation spike.

Consumer sentiment has tumbled to a fresh record low in May as fears of higher prices grow due to the U.S.-Iran war and elevated oil prices.

Americans just loathe this economy.