US: Confidence in present situation boosted by tax cuts - Wells Fargo

Consumers’ assessment of the present situation is at its all-time high on income gains, mentioned analysts at Wells Fargo. 

Key Quotes: 

“Consumer sentiment improved further by the end of March after posting a fresh cycle high early in the month. The index now stands at 101.4, up from 99.7 in February. March’s gain was because consumers’ appraisal of the present situation improved from 114.9 in February to an all-time high of 121.2 in March on income gains from tax cuts and job prospects. 

“The notable takeaway from the March sentiment report is that much of the improvement came from the bottom third of the income distribution. Households in the bottom third income bracket are upbeat about tax cuts and the strong job market.”