University of Michigan survey of consumers shows declining confidence in Fed, commercial banks

“Net change in confidence in commercial banks, unsurprisingly, plummeted since last fall, a consequence of the recent well-publicized failures of SVB and other banks. Note, though, that the survey grouped all commercial banks together and did not distinguish between large and medium-sized or regional institutions. In contrast, confidence in the Federal Reserve fell only slightly, though it remains quite low overall.”

USAGOLD note: This survey reveals a sharp loss of confidence among consumers in financial institutions across the board since 2019 led by the Fed and commercial banks.