"The Thomson Reuters/University of Michigan preliminary index of consumer sentiment declined to 72.3 in April from 78.6 a month earlier. This month’s reading was lower than all 69 estimates in a Bloomberg survey…Consumers’ assessments of their financial situation deteriorated… 'If this weakness persists, then I think it will likely temper spending in coming months,' said Millan Mulraine, director of U.S. rates research at TD Securities USA LLC in New York.” Full story at…
…SPIEGEL: So what should be done?
Reinhart: …You can pray for higher growth, but good luck! Historically it doesn't happen -- you seldom just grow yourself out of debt. You need a combination of austerity, so that you don't add further to the pile of debt, and higher inflation, which is effectively a subtle form of taxation …
SPIEGEL: … with the consequence that people are going to lose their savings?
Reinhart: No doubt, pensions are screwed.”
Friday, the S&P 500 finished down 0.3% to 1589 (rounded).