All posts tagged: Pessimism

Ian McEwan says pessimism ‘a bigger problem than climate change’ | Hay festival

Ian McEwan says pessimism ‘a bigger problem than climate change’ | Hay festival

Pessimism is probably “a bigger problem than climate change”, said the novelist Ian McEwan on Monday afternoon, as temperatures broke May records in the UK. McEwan “constantly” hears people say that they don’t “expect their children to have as good a life as they did”, but suggested that optimism is a “moral duty”. McEwan’s latest book, What We Can Know, is partly set in 2119, in a Britain submerged by seas. He spoke at the Hay festival on a panel alongside the former NFU president Minette Batters and Sandi Toksvig, on a day that saw temperatures in London reach 34.8C, beating a May record set in 1922. McEwan went on to say that optimism is an “exercise in rationality”, because it’s “quite possible” – given that “the world is big, cultures are diverse” – that “there could be a revolution happening and we don’t even know about it”. He referred to the “historical moment” in 2020 when electricity generated from renewable sources outpaced that generated from gas and coal plants in the UK. “We were …

Inflation Expectations Jump To 3 Year High As Financial Pessimism Surges: NY Fed Survey

Inflation Expectations Jump To 3 Year High As Financial Pessimism Surges: NY Fed Survey

Ahead of tomorrow’s jobs report which is expected to show a substantial slowdown from last month’s 178K surge, moments ago we got another reminder that the stagflationary iceberg remains front and center ahead of the US, after the NY Fed’s latest monthly survey of consumer expectations reported that Inflation expectations at the one-year horizon rose again to 3.64% in April from the previous month’s 3.42%, the highest since September 2023. Inflation expectations were unchanged at 3.15% for the three-year-ahead horizon and also unchanged at 3.01% at the five-year-ahead horizon in April.  The jump in year-ahead expectations took place even though 1 year gas inflation expectations tumbled sharply in April to 5.11% from 9.42% in April, which had been the highest reading since March 2022. Other commodity price change expectations also rose, but to a more limited degree: food prices are now expected to rise 5.2%, down from 6%; medical costs to rise 9.6%, also a bit lower than the 9.7% in March; the price of a college education to rise 8.8% (down from 9%); and rent prices should drop from …