U.S. Consumer Confidence Drops as Inflation Expectations Rise

According to Odaily, consumer confidence in the United States has significantly declined, with the University of Michigan's latest survey indicating a drop in consumer sentiment from 57.0 to 50.8, nearing its lowest level in nearly three years. Additionally, inflation expectations for the coming year have surged to 6.7%. In response, investors have been selling off U.S. government bonds and the dollar, leading to a historic high in gold prices, reaching $3,240 per ounce. Meanwhile, the cryptocurrency market has shown strong performance, with Bitcoin rising by 4% to stabilize at $82,000. Major tokens SOL and AVAX have also seen increases of 6% each. Some analysts suggest that the market volatility is due to the exit of highly leveraged market participants rather than changes in fundamentals.