Good morning. Investors increased put positioning at lower strikes as recession in 2023 about to become the new base case. Crucial question: How will the Fed react in the wake of an ongoing energy crisis? CB Consumer Confidence next.
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Conference Board Lynn Franco: "Consumer confidence fell for a second consecutive month in June. While the Present Situation Index was relatively unchanged, the Expectations Index continued its recent downward trajectory, falling to its lowest point in nearly a decade. Consumers’ grimmer outlook was driven by increasing concerns about inflation, in particular rising gas and food prices. Expectations have now fallen well below a reading of 80, suggesting weaker growth in the second half of 2022 as well as growing risk of recession by yearend."