October 12th, the Consumer Sentiment was released at it’s highest level since September 2007. This spike hit levels not seen before the recession started.
Friday at 9:55am a new Consumer Sentiment report will be released telling us what consumers are thinking about economic conditions.
I personally think we could see a large drop in Consumer Sentiment next month because of President Obama being re-elected. The economy is on a rocky road, possibly heading to the Fiscal Cliff. Quantitative Easing along with a combined $500+ billion in spending cuts and tax increases (possibly begging in January), are not projecting a positive economic forecast.
If there is not a deal reached that would stop the spending cuts and tax increases from coming, we could possibly see a market panic towards the end of this year bring a lot of volatility to the Forex Market.
[column size=”1-2″ last=”0″ style=”1″] Andrew Puzder, the CEO of Hardee’s burger chain owner CKE Inc., stated he was “sad and depressed” after Mitt Romney’s defeat. Mr. Puzder expects the U.S. economy “to stay bad with the possibility of being horrific.” Read more here.
With this said, I believe that millions of American Citizens feel the same. Will Obama avoid the fiscal cliff? We could find out sooner than expected.
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