Consumers are feeling about as pessimistic as they did in 1980, yet the S&P 500 is near record highs and AI-related stocks have surged. At the same time, Treasury yields are breaking higher and the market itself is becoming increasingly stretched.
So is all this pessimism actually fuel for the bull market – or are the warning signs starting to matter? Todd breaks down the unusual divide between Main Street and Wall Street, what rising real yields are telling us, and where the market may be getting ahead of itself.