US Consumer Sentiment Falls Most for Households With Few or No Stocks
The bottom third of stockholders and consumers without stocks have recorded sharp sentiment declines since January 2026, while one-year inflation expectations rose to 4.7%.
US consumer sentiment has deteriorated unevenly across stock-wealth groups since January 2026. The bottom 33% of stockholders reported a 27% drop in sentiment, the largest decline among the surveyed groups, while consumers who do not own stocks recorded a 25% fall.
By comparison, sentiment fell 9% among the middle 33% of stockholders and 7% among the top 33%. The divergence indicates that asset ownership has helped offset higher living costs, leaving households with little or no stock exposure more vulnerable to the recent acceleration in inflation.
One-year consumer inflation expectations rose 0.1 percentage point this month to 4.7%, the second-highest reading since August 2025.
Source: The Kobeissi Letter