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Peter Schiff, CEO and chief global strategist of Euro Pacific Capital, reports that U.S. consumer confidence fell to 81.9 in September, marking the lowest level in over 12 years, including the pandemic period.
Year-ahead inflation expectations have risen to 5.1%. Schiff also points to a weak JOLTS report, highlighting job openings in real estate dropping to just 50,000 in August, the fewest seen since February 2014.
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Schiff recently noted the U.S. 10-year Treasury yield reaching 4.96 percent, the highest level in 19 years, in a previous update. He also cautioned that yields climbed above 5.08 percent as inflation concerns persisted, according to another recent report. These developments follow his latest comments on falling consumer confidence and rising inflation expectations.