It’s a good thing inflation expectations don’t matter.
I see little to no use for this very volatile index as a recession indicator, but the market pays attention to it. So let’s discuss the numbers.
Consumers’ Mood Sours
The Wall Street Journal reports Consumers’ Mood Sours in March With Gloomier Economic Outlook
The survey’s headline index came in at 57 this month, the lowest level since 2022. That marked a decline from 64.7 in February and 79.4 a year ago. Data published earlier this month had shown a preliminary reading of 57.9.
Two-thirds of consumers said they expect higher unemployment in the next year, the highest reading since 2009.
Most of the concern in the survey centered on a darkening outlook for the economy’s path ahead. The survey’s index of consumer expectations fell by 18% from February. On the other hand, families’ assessments of the current state of the economy slipped by just 2.9% from last month.
The potential for higher inflation remains a key concern among people surveyed by the University of Michigan. Respondents said in March they think prices will rise by 5% over the next year, up from 2.8% expected inflation at the end of 2024.
“As of now, I would call it an economy going at stall speed,” said Nancy Lazar, chief economist at Piper Sandler, an investment bank.
The biggest risk, she said, is the fog around economic policy. “The longer the uncertainty remains high, the higher the odds of things deteriorating,” Lazar said.
Tariffs Drive Price Expectations
Bloomberg reports US Consumer Sentiment Sinks as Tariffs Drive Price Expectations
US consumer sentiment tumbled this month to a more than two-year low and long-term inflation expectations jumped to a 32-year high as anxiety over tariffs continued to build.
Consumers expect prices to rise at an annual rate of 4.1% over the next five to 10 years, the data released Friday showed. That’s the highest since February 1993 and above the 3.9% preliminary reading. They saw costs rising 5% over the next 12 months, the highest since 2022.
While the University of Michigan’s long-term inflation expectations have soared this year, other measures have remained steady. The outlook for inflation three years and five years out, according to a Federal Bank of New York consumer survey, was stable last month.
During a press conference this month, Fed Chair Jerome Powell largely dismissed the Michigan survey as an outlier for longer-run expectations, and other policymakers have since echoed his remarks.
US Consumer Sentiment Plunges Over Inflation Concerns
Inflation Expectations Don’t Matter
Every FOMC meeting the Fed Chair, currently Jerome Powell, makes a fool of himself with nonsensical discussions on inflation expectations.
How can they matter? If you do think they matter, then answer this simple Q&A.
Consumer Inflation Expectations Q&A
- If you think the price of rent will jump next year, will you rent two houses now to beat the rush?
- If you think the price of rent will fall next year, will you hold off renting until rent falls?
- If you think the price of medical care will jump next year, will you have two operations now to beat the rush?
- If you think the price of medical care will fall next year, will you hold off on a needed operation?
- If you think the price of a vacation will jump next year, will you have two vacations this year and none the next?
- If you think the price of a vacation will drop next year, will you have no vacations this year and two the next?
- Will you stop eating? Eat more?
- If you car breaks down will you fix it twice? Wait until next year?
OK, maybe you wait for a sale to buy a coat. But you probably don’t by two. And if your coat rips, and you need one, you may not wait at all.
You can’t do much about electricity bills, home insurance, auto insurance, or gasoline.
Up and down the line there is not a damn thing you can do about 90 percent of what you buy. Rent alone is 35 percent of the CPI.
Businesses Inflation Expectations
Grocery stores can’t do anything at all, for obvious reasons.
Manufacturers can order ahead, and did to beat tariffs, but now they now have big inventories.
How many cars can dealers fit on their lots? And what if consumers don’t buy?
Other than a few month’s inventory, assuming storage space, but at a cost and risk, businesses cannot do much either. If they do it’s a one-time impact of pushing supplies forward. Then what?
Fed Study Agrees
No study should be needed to prove the logic of what I just stated. However we do have a study, and it’s by the Fed.
Why Do We Think That Inflation Expectations Matter for Inflation? (And Should We?)
Please consider Why Do We Think That Inflation Expectations Matter for Inflation? (And Should We?) by the Federal Reserve.
Mainstream economics is replete with ideas that “everyone knows” to be true, but that are actually arrant nonsense.
The direct evidence for an expected inflation channel was never very strong. Most empirical tests concerned themselves with the proposition that there was no permanent Phillips curve tradeoff, in the sense that the coefficients on lagged inflation in an inflation equation summed to one.
Finally, even if one is willing to entertain the idea that in some vague, mushy sense concern over costs and demand by individual firms facing fixed prices leads to a dependence of aggregate inflation on expected inflation, we are still left with the conclusion that short-run expectations should be the ones that are most important.
One might also be uneasy about policymakers’ relying too heavily on the assumption that inflation’s long-run trend will remain stable going forward so long as measured long-run inflation expectations do. Even if every one of my preceding arguments is judged by the reader to be completely unconvincing, it nevertheless remains the case that we have nothing better than circumstantial evidence for a relationship between long-run expected inflation and inflation’s longrun trend, and no evidence at all about what might be required to keep that trend fixed (beyond that it might involve keeping actual inflation from moving up too much above two percent on a sustained basis).
[Mish note: The last two paragraphs are a direct criticism of Fed policy as practiced by every Fed chair and people dismiss these reports without reading. The next paragraph is a hoot as well.]
Or would you justify the view that expectations “matter” by pointing to the inflation experience of the 1960s and 1970s, even though that period provides no actual evidence that workers or firms tried to boost their wages or raise their prices in anticipation of future price or cost changes?
Amusing Quotes
- Expectations are by definition a force that that you intuitively feel must be ever present and very important but which somehow you are never allowed to observe directly: R. M. Solow (1979)
- Pure economics has a remarkable way of pulling rabbits out of a hat. It is fascinating to try to discover how the rabbits got in; for those of us who do not believe in magic must be convinced that they got in somehow: J. R. Hicks (1946)
- Don’t interfere with fairy tales if you want to live happily ever after: F. M. Fisher (1984)
- Few things are harder to put up with than the annoyance of a good example: Mark Twain, The Tragedy of Pudd’nhead Wilson (1894)
Do Inflation Expectations Matter?
I have discussed inflation expectations at least ten times over the years.
Here’s one from 2023 when I tangle with Bill Fleckenstein regarding the question How Do Inflation Expectations Impact Wages and Future Consumer Inflation?
Fleckenstein is an inflation expectations believer.
Phillip’s Curve Nonsense
Also see Yet Another Fed Study Concludes Phillips Curve is Nonsense
Despite the Fed’s own studies, every Fed president still believes in the Phillip’s Curve and Inflation Expectations.
They have been trained to believe nonsense.
Inflation and media reporting of it drives expectations, not the other way around.
Asset Price Expectations
Asset price expectations are another matter. That’s why we have bubbles and crashes.
People will buy houses and stocks if they think prices will rise. People don’t by stocks if they think they will fall.
But asset prices are not in either the CPI or PCE price indexes. Fostering asset prices bubbles is a constant mistake by the Fed.
The one place expectations do matter is in asset bubbles, and it’s the only place the Fed doesn’t look!
Related Posts
February 14, 2025: Retail Sales Crash – Did the Consumer Finally Throw in the Towel?
The Census Department shows huge across-the-board declines in multiple categories, down 0.9 percent overall.
March 17, 2025: Retail Sales Barely Rise in February, They’re Negative Factoring in Revisions
Retail sales had another poor month in February. It’s very recession looking.
March 28, 2025: Real Disposable Personal Income Up 0.5%, Real Spending Up 0.1% in February
Consumers seem to be hunkering down in February as income outpaces spending.
If people are rushing to beat price increases, why are retail sales anemic?
Recap: Consumer inflation expectations are meaningless. Asset price expectations aren’t.
The Fed monitors the meaningless, and fosters bubbles where it matter.
Tariffs are about American workers income; not about inflation. The discussion should be about real incomes and real expenses to American workers. Tariffs are consumer taxes on foreign made goods. Inflation is monetary and there is no increase in the money supply so no inflation; just a shift in demand curve. We are talking about a tax hike (sales tax) not inflation. Real income of American workers will increase with more manufactoring here that will spill over to the service economy. Expenses will be higher on foreign goods, but the net effect is more income and greater wealth. Capital expenditures will increase productivity and produce a better end result than consumption growth through spending and indebtedness. There are two sides here expedlified by Covid Keynesian government spending and Austrian productivity building. One is sustainable and the other is not. One is the easy road that leads to hell and the other is the hard road that leads to a better place.
Well with all the rhetoric about how Tariffs are so inflationary what do we expect?
Why isn’t the inflation rate in these other countries that have high tariffs on our goods lower or equal to ours? Hmmmmm
Only applies to USA!!!!
Besides consumer sentiment, the recession is also showing up qualitatively in the US two year and ten year note interest rate yields. With higher than expected core inflation data today, there was a divergence today with lower interest rates.The US debt market has a good track record for predicting recessions.
Purely anecdotal, but I was down on the 3rd street promenade in Santa Monica last weekend and it was dead. No one shopping, stores empty, even the homeless were elsewhere. The recession is here, just hasn’t shown up in the official stats yet.
It will be interesting to see if US tourism will hold up in the face of an increase in anti-American attitudes. Only time will tell.
Depends on the dollar. If the US dollar falls, I’d imagine tourism will be just fine or may even increase. But if the dollar rises I’d imagine it will fall.
I think fear of being arrested by ICE and disappearing into the system will have a stronger effect on tourist numbers. Germany is already warning its citizens about coming here.
I would suggest you have 100x the possibility of being mugged/robbed/killed while visiting (esp if you are visiting large cities) than you do of being arrested by ICE and disappearing into the system.
Liberals’ List of Failed and False Hopes
Interesting. You have some serious issues. I suggest therapy.
Mish has been calling for a recession for a long time now. Though he is no Liberal.
I am finally in agreement with him. I now expect a recession to begin before the end of this year. Though I expect to profit from it, just like the last Trump recession.
America needs help. Conservatives fail.
Over and over again.. conservatives crash our economy. Dems show up for the rescue. Have you conservatives ever noted how well america does when Dems are in charge of the economy.?I’m guessing… NO!!
Hahaha! Truth hurts. Butt hurt conservative nazi’s can’t handle reality.
You are all so lost
Everyone on this planet recognizes American nazis. You are proud to be them and yet run away when called out for being who you are. Shame on you!
Aren’t we so fortunate that we can’t put a criminal in jail? Lucky us. You beat us. Such losers we are. So sad.
WSJ survey?
Ok, I know where to file this one
DOGE just saved US taxpayers $100s of billions by putting the last nail in the coffin of USAID, despite unconstitutional attempts by liberal judges to stop them.
Anyone still think DOGE is useless?
I doubt that DOGE will save us much money at all in the long run. In fact, it may cost us a lot more than it saves. But we will never be able to calculate the savings or the cost.
I do know that as we pull back funds that help us gain friends and influence in countries all over the world, that China is stepping in to fill the void.We are giving up our global influence and becoming isolationist and letting China take over.
Add in the Trump trade war that we are starting with the entire world, and we will become even more isolationist, and friendless. There are many Americans that are fine with this. Though they may think otherwise in a few years, once they see the results.
Expecting people and other countries to give us goods and services for money we just printed, and didnt produce anything to get, so the value of that money keeps decreasing, is what is resulting in our isolation and not just Trump and the Republicans, but the Democrats also have been doing that for a long time.
Reality may be bumming out consumers…
but perhaps we could offset that by encouraging more fraud:
Trump pardons Trevor Milton, who was accused of fraud related to bankrupt truck maker Nikola
“The pardon, which will spare Milton from serving time in prison, would also allow him to avoid court-ordered payments to compensate shareholders.”
https://www.cnn.com/2025/03/28/politics/trump-pardon-trevor-milton-nikola/index.html
Birds of a feather
Haha 👎🏼 again truth hurts
I have no problem with this comment written by czarchasm reigns. Unsure how I hid his comments. New here. Sorry Czar. I appreciate your link.
These are some fine specific questions you ask, Mish, but a more relevant general question seems to be “Are potential inflation, unemployment, tariff, stock market conditions, etc. likely to be so worse in the near or medium-term future that you expect to make fewer discretionary purchases?” That’s the aggregated response market makers want to understand about where the economy and GDP may be going soon due to potential changes in consumer buying patterns.
But maybe we could look at the types of actual questions being asked of potential consumers to check out how the Sentiment Index is being calculated? https://data.sca.isr.umich.edu/fetchdoc.php?docid=24776
And consumer expectations tracked real conditions fairly well, at least in the past: https://data.sca.isr.umich.edu/fetchdoc.php?docid=24774. Maybe that’s why market makers are still paying attention? Maybe it’s not all hoots?
The inflation chart is the worst one.
The data only goes to 1995
I did a chart one time of inflation projections every month
Expectations were above 3 percent for a decade when the Fed was trying to get get inflation above 2 percent and failed.
Have you ever looked at Philly Fed Manufacturing expectations – forever overoptimistic.
Expectations are mostly nonsense. I think the ones that matter are fear over jobs. They will act on that.
I agree with you, Mish, that uneducated and ill-informed consumers will not be able to forecast future inflation well at all, so yes the singular component of inflation expectations will likely be of little predictive value. And I don’t follow any economists or market makers that base big decisions or money values on that one component.
But your first graph shows that major downturns in the overall Consumer Sentiment Index is coincident with recessions (after the fact). Unfortunately, there are false positives as well, like in 2011 and 2022. It’s the turn in general sentiment that can be indicative, not predictive, of an oncoming recession (and yes, job uncertainty should be a big one); that’s why I think market makers still follow this index. If it takes a steep downturn, and people actually spend less correspondingly (even if they don’t predict future inflation or unemployment correctly), that could be the initial downward stimulus that gets the recession rolling.
Would not surprise me at all if one’s starting now with Trump’s spending cuts, tariffs, predictable deficit increases and day-to-day (stock market and real) investment uncertainty. I think this turn in sentiment is showing lots of people are getting nervous; if they all cut back even a little (or a minority cut back a lot), it could start the ball rolling.
Also, I don’t follow the Philly Fed Manufacturing Business Outlook alot. It covers only one Fed district and only one business sector – manufacturing. And only those companies that answer; that is a very small subset of the overall economy. It would have to be a huge swing in outlook or sentiment for that particular survey to catch much of my attention.
Whatever Trump’s geopolitical doings and tariffs are, they are a large wrenching experiment to the world economy. There are a lot of big moving parts suddenly running in reverse, or uncharted directions. Some things will break, and I have no confidence anybody knows just what those are, and how much. Even his tinkerings with the boundaries of banking systems and the dollar (vis a vis his crypto cronies and his own initiatives there, plus picking winners on a sheer personalized/politicized basis) seem to make the dollar’s fate at least a bit suspect. Then AI is sweeping the landscape across other shear lines. My response it is to hang onto reliable asset types I hold long term free and clear, so all capital gains, even if drawn down in value. And cash-based assets. I have benefited from recent asset bubbles, and have maintained a steady liquid net worth, despite inflation. But I am not feeling any expansive wealth effect. I recall my home equity being halved in 2008-09. I invite all the optimists in this moment to back it up with plenty of joyous spending.
Love it!! Joyous spending…get to it MAGA team. Don’t fail your man😄
If u think that the gov will shut down in June and JP will cut rates: WILL U BUY TWO CARS or THREE ?
Is the UMich data supported by any other data?
If not, the anomaly might be with UMich rather than changes in consumer attitudes.
With the inflationary depression rumbling right along, it will eventually seep into the reinflatable assets of the shrinking investing class. Then they will call it the dread big R word.
(From the White House Release)
WEEK TEN WINS: President Trump Fuels America’s Golden Age
“President Trump imposed a 25% tariff on imports of foreign automobiles and certain auto parts to end unfair trade practices and protect national security.”
(snip)
So far the golden age has been good for gold holders and investors. Been a bit of a strain on everyone else. But inflation expectations don’t matter…As for your question why retail sales are anemic even though people are supposedly trying to beat price increases, I theorize it may be more cram down kind of price increases that might not show up in retail sales. For example, Car and home insurance…latest home insurance renewal was $600 higher, it’s a no-choice gotta’ have it expense, same with car insurance. Power in southern Oregon 25% higher than a year ago. Even with higher incomes it’s being sucked up before going to the retail stores?
Altho Constantino is a worthy candidate, the real danger is the appraisal of what Gov. Hokum and NY’s DNC can do to delay, impede, and even prevent by concentrated lawfare, the special election for this House seat, leaving it unfilled until the midterms in ’26. The risk is so dire, that Trump, Stefanik and Constantino all agree that it is best for her to hold the seat at least until then.
“The one place expectations do matter is in asset bubbles, and it’s the only place the Fed doesn’t look!”
This should be a famous quote. It nails the reality of the situation.
Puzzling since most auctions I use are in MI AND all are selling like crazy; so are the national auction houses I use…seems no amount is too high to spend [even our area thrift store continue to hike prices weekly] I don’t get these nonsense surveys.
The fact consumer sentiment is at levels seen during major bear market lows should be a HUGE warning of a Greater Recession in the immediate future
You are absolutely correct on everything but travel. I do pay attention to Flight Price increases and decreases and read the Travel Trends. We fly Business Class from the West Coast of the USA to LONDON – – lie-flat seats. We have taken 75 such trips over the years since the 1980’s. I have sometimes saved 40% plus with original prices at over $9500 and trimmed to $5800.
Otherwise, we pay as we go.
We’re in the early stages of the Trumpocolypse™ and it’ll only get worse from here. Stock market lost another trillion today so we’re down about $5 trillion since Trump took office. Wait till the tariff wars and wealth funds bail on the U.S.
I expect a dead cat bounce next week or two then into the abyss…
The word of the day heard the most on CNBC today was: Stagflation.
Sounds like Trump ate your homework.
MPO45v2 is right. I watched cnbc all day. There are some trying to pretend things will be okay. But most are bug eyed scared. But they cheer themselves up with thoughts of deregulating the banking system. That’s such a great idea…2009. They are looking forward to that tax cut they’ll get from firing everyone. It’s NOT going to be used to pay down any debt. Be sure of that.
And they know everything.
They don’t know everything, they just know far more than Trump ever could.
“the Trumpocolypse™”
Shouldn’t “t” be capitalized?
The S&P’s PE ratio is still 26. If it went down to a more normal 16 then S&P would be about 3400. Carnage everywhere then.
Then again how much of this is the AI bubble deflating?
Normal PE for S&P is around 20. Tech is deflating, not so sure about AI, I use AI everyday and my use is increasing. It’s why I’m buying NVIDIA every time it drops 5% or more, little by little as a very long term hold.
Trumpocolypse™
Damn I am disappointed I did not come up with that
Available for licensing but free to you Mish, that’s my giveback for all the profits I make from information here.
Thank-you. You are speaking the wisdom that can settle cycles, and one of the root causes of inequality.
How does UMich even arrive at figures like “consumers expect inflation to rise 4.1%” etc. Does UMich correlate to GDP and / markets w/ a lag (how long etc.) or not so much? I can’t imagine any average consumer able or willing to make such predictions.
The U Mich surveys are useless. Even clueless Powell said so.
No. Powell cite inflation expectations all the time. Even did so last Q&A.
“Inflation expectations are well anchored”
Take a look at a recent report from the nonpartisan Tax Foundation. It estimates that under President Donald Trump’s proposed tariffs, the effective tariff rate will be 8% in 2025. That’s so high that it would go off the page if you were charting tariff rates over the last 55 years. Report: President Trump Warned Automakers Not to Raise Prices IS THAT NOT PRICE CONTROLS???
With the erosion of America’s western alliance and that alliance’s investment capital in US equities (and likely soon to be US debt), the European composite STOXX hit its peak valuation on 3 March 2025, later than the US peak valuation on 19 February 2025. The Chinese Shanghai (2008), Taiwan(July 2024), Japanese(July 2024), Canadian (Jan 2025)and Indian markets(Sept 2024) hit their peak valuations months/years ago. After 35 years, the Nikkei bested its 1989 peak valuation by about 10%, only to currently fall below the 1989 peak by about 5% (as of today.) Will American equities after nadiring in 2025/2026 follow Japan’s high-debt-to-GDP-ratio’s equity composite revaluation pathway? I’m with the U of M consumer sentiment.
I expect hyper inflation to devalue transfer payments enough that the 65 million Americans receiving welfare decide to take the jobs we import from Mexican, Canadian, German, French, Japanese, and Italian auto factories.
I thought you liked welfare, comrade. Of course, these are payments taken from American paychecks for their entire work life. Returned to them if they live long enough. Call it welfare or entitlements or whatever scary words you can think of…it’s been a successful program for more than 8 decades. If you think that putting money into the stock market would a good idea…2009 would have wiped out a lot of retirement benefits. Even now the Dow has lost more than 3 trillion dollars of investments in just a few months. It’s not dependable for the average person to count on.
Social Security is a socialist Ponzi scheme. Those who get in early win and those who get in late get nothing. Ponzi schemes are illegal. Ponzi fraudsters like Bernie Madoff go to prison. F.D.Roosevelt died before he could be imprisoned.
Be serious. You clearly don’t understand the definition of a Ponzi scheme and shouldn’t be using words that you don’t understand.
Everyone who contributes to SS and qualifies for benefits gets money out in return. Additionally, that money never ends. If you manage to live to 110, you get your SS check every single month that you are alive and in most years, you even get a COL boost.
Nearly ninety years of getting in there early. God are you dumb! Literally the safety net programs put in place by FDR after the Wall Street crash in 1929 and the following depression has saved many Americans from destitution during terrible times. Literally keeping the economy afloat, people fed, rents paid. Just like your Donald who through serious welfare money into the economy to keep the country afloat during the COVID crisis, comrade……..6 trillion comrade bucks, buddy!
Roosevelt saved this country’s ass. Elected for a fourth time. Died shortly after. There was no prison term waiting for him. However, your favorite guy is a convicted felon. You love that!!! And he was elected by types like you.
Anyone who goes on welfare should have to work at something that pays back the government or contributes to society, even if is WFH.
Second, woman should have to submit to implanted birth control and men should have to submit to vasectomies for the duration of the time that they are on the dole.
If you consider getting social security as being on the dole… well…people already worked for those benefits, having worked their whole lives. As for forced sterilization through birth control and vasectomies… this administration is working hard at getting rid of the very medications that prevent pregnancies. Make America make white babies again is pretty much their motto. As for forcing people to have children or forcing them to not have them…communist/ fascists all the way down.
Barry Goldwater: “The time between a man getting a government check and thinking he deserves it is about six weeks.”
I don’t and it is foolish to call SS “welfare”. Whew.
Thanks for muddying the conversation with a nonsense post.
The right wing call it welfare. I call them on their own language. That’s what they say. I am defending Americans and their rights to social security. They worked for it and it was promised to them And I am not one for nonsense. This shit is damn serious. Sorry, if you did not understand. Maybe, I did not understand you.
You have no right to anything. The ss tax is simply another tax levied on the rabble. Currently, benefit expense outpaces tax income from the system.
No. People work all their lives for benefits of someone older than themselves.
We now need others – much younger – to pay our benefits – or we don’t get them
I understand you aren’t a fan of social security. It’s taken me time to notice that. It’s been awhile since I’ve visited. I started reading your site in 2009. I show up every time the conservatives destroy our economy.
This model works fine as it was designed long before pervasive automation was a reality.
As I have written before, the model will fail when a large majority of humans are automated out of jobs.
But by then, the machines will be able to provide humans with everything we need, from housing to food to perhaps even entertainment. Money will be obsolete.
So there will be no need for SS payments, pensions or any other kind or money transfers. This is the post-scarcity future.
However, the transition to this eventuality will be rocky and how it is managed might determine the human future.
Call it one and done.
You should spend some time volunteering in a homeless shelter and helping the poor and needy. You’d quickly discover that there are many people who want to work but are unable to do so because they have serious mental and/or physical issues. I’m not saying that there aren’t a lot of people who abuse welfare and other govt. assistance programs — clearly there are — however there are also a lot of people that have intractable issues and need help to survive.
All roads lead to inflation. Kamala — hyper-inflation. More fraud and waste, more deficit spending financing unproductive crap. Trump — repricing of dollar vs gold and maybe other commodities to make US economy more competitive.
You just say stupid stuff to get a rise out of people. Kamala… hyperinflation???!!! Dude, there was a great reset of inflation from supply chain shock, because of Covid. It’s like you think this is a movie and when it’s over, you get up and leave the theater. This supply shocks are still with us, after a global crisis unlike anything we’ve seen before. Plenty of businesses raised their prices and kept them there, too. Used to call that price gouging. We are lawless country at this point. Lastly, when Donald was passing out trillions in welfare checks to keep the economy afloat…did you cash your welfare checks…signed by your man?
And Ferrari is raising prices also. Sacré bleu!
Fuck!
Ferrari’s customers tend to be rather “price insensitive”.
Yes, my pal was pulling in $2.5 Million a year after taxes working 4 hours a day.
It was meant to be sarcasm.
That just ruined my plan for a new Ferrari!
My Best pal in the 90’s owned one and it was a WOMAN-MAGNET.
If you lived in Michigan (especially Detroit or Flint) you’d be pretty depressed too.
Lol
Isn’t it always darkest before the dawn?
Yes, but it’s only 10:00 PM
On November 18th. In Alaska.
Meaning 64 days until the sun next rises.
I guess the long answer is ‘no’.