After rebounding strongly from November to January, US Consumer Confidence tumbled in February, according to the latest survey from The Conference Board, beating expectations across the board.

Source: Bloomberg

While that decline on the chart does not look like much, it is dramatic relative to expectations and pre-revision levels. A six-sigma miss...

Source: Bloomberg

But, for the fourth straight month, The Conference Board revised its consumer confidence data significantly lower. In fact January's was the biggest downward revision since Feb 2022...

Source: Bloomberg

So January's spike above July's revised highs which everyone shot their load of exuberance over... is gonzo!!

Source: Bloomberg

For context, that is 11.1 pts of 'confidence' erased by 'adjustments/revisions' in four months - by far the largest downward shift in the survey's history...

Source: Bloomberg

Which brings up the same question we had last month?

The Conference Board's indicator inflation expectations tumbled further to +5.2% - still notably high but trend in the right direction...

Source: Bloomberg

The labor market indicators trended notably stronger again in February?

Source: Bloomberg

Bidenomics: where everything is revised lower a month after nobody remembers.