Capital Markets Summer 2022: Revealing Recession Patterns

III

High Inflation Hurting Confidence Economic Crosscurrents

• High prices and interest rates have driven down confidence levels amongst consumers and business executives which is likely to weigh on future spending, in our view

I

II

Businesses Are Worried

Consumer Confidence Hit Record Low

60

130

III

120

40

110

20

100

0

IV

90

-20

80 Index

-40 Conditions

70

-60

V

60

Current Economic Conditions

-80 Outlook for General Business

50

Source: University of Michigan (Current Economic Conditions show how U.S. consumers assess current economic conditions in the country; the index is calculated monthly), and National Federation of Independent Business (component of the NFIB Small Business Optimism Index, which is a monthly survey of small and independent business owners). As of 6/30/22.

18