News Summary

• Are we back in a "vibecession?"
• Did we ever leave it?
• Liz Hoffman, writing in Semafor, said the vibe may have shifted.
• The stock market is a discounting mechanism: Stock prices reflect expectations for the future.
• But households live in the present, and for most people, the two main tethers to the economy are their job and their purchasing power.
• And if Americans lose their job, they don't expect to find a new one, a separate study found.