Michigan consumer sentiment (1st preview) came in awful: simply the lowest level since 1952, at 50.8. For comparison, the worst in recent years was in June 2022, at 55 points. The inflation expectation for 1 year rose to 7.3% — this is the real world, not the Fed's world. But don't worry: today's market makers (MM) shouldn't let anything fall too hard, at least in the morning. OPEX on calls is holding everything up, for now.