Three years ago, as the US emerged from the brief COVID-19 recession, economists were already bracing for another downturn. Russia had invaded Ukraine. Inflation was surging. The Federal Reserve was hiking interest rates to cool things down. Yet, a recession never came. Optimism grew that the US might pull off a “soft landing.” Now, those hopes are fading. Consumer expectations have plummeted to their lowest level since 2013, according to The Conference Board. Its senior economist, Stephanie Guichard, warned: “Consumers’ expectations were especially gloomy, with pessimism about future business conditions deepening.”