Each day that goes by it seems more likely the Fed will achieve its soft landing. Inflation is coming down, the labor market is tightening but is still strong, and GDP is up. Yet American consumers aren't buying in on the optimism. The figure is from the New York Fed Survey of Consumer Expectations and it reflects persistent gloom. Many consumers, especially older ones, do not expect the stock market to be up next year. They are still more pessimistic than consumers have been in the 10 years.

Source: New York Fed Survey of Consumer Expectations

Allison Schrager is a senior fellow at the Manhattan Institute. Follow her on Twitter here.