“Young people have developed a taste for stocks.” BofA: “Too many red flags”

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Nearly half of Americans say they’re worse off financially than a year ago, NY Fed finds.

The U.S. economy may be holding up better than expected, but Americans are growing more pessimistic about their personal finances.

Roughly 48% of Americans said their financial situation was worse in May than a year ago, the highest share since January 2023, according to the Federal Reserve Bank of New York’s Survey of Consumer Expectations.

Consumers are also less optimistic about the future. The share of households expecting their finances to improve over the next year, relative to those expecting them to worsen, fell to its lowest level since October 2022, the New York Fed said.

The findings come amid an inflation spike driven by the Iran war, which has sent oil and gas prices soaring. The May Consumer Price Index, set to be released on Wednesday, is expected to show that the annual pace of inflation accelerated to 4.2% last month, according to financial data firm FactSet. That would mark the highest level in three years.

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