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Americans grow more pessimistic about finances as rent and food cost fears surge, Fed says

Americans are increasingly reaching a breaking point regarding their household finances.Despite hopes for a soft landing after years of elevated inflation, consumer pessimism has reached some of its worst levels in years, according to the Federal Reserve Bank of New York's monthly Survey of Consumer Expectations released Monday.The percentage of U.S. households that reported being "much worse off" financially than a year ago rose to 13.3% in May, up more than 2 percentage points from April and the highest reading since July 2022.Additionally, 36% of Americans expect their financial situations...