Michigan final sentiment and Conference Board confidence near pre War levels. Figure 1: U.Michigan Economic Sentiment (blue), Conference Board Confidence Index (brown), Gallup Confidence level (green), all demeaned and divided by standard deviation 2021M01-2025m02. Source: UMichigan, Gallup, Conference Board, and author’s calculations. Figure 2: U.Michigan Consumer Sentiment (blue, left scale), price of gasoline, $/gallon (red, right log scale). Source: U.Michigan, EIA, and author’s calculations.