"In most times, sentiment reflects the economy. It doesn't create it -- except at turning points," Zandi said.

"If people get pessimistic, we'll go into a recession. If people maintain optimism, then the economy will probably have a soft landing -- but it makes for a very unstable situation," Loewenstein said. "The economy depends on expectations, and expectations depend on the economy."

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"In most times, sentiment reflects the economy. It doesn't create it -- except at turning points," Zandi said.

"If people get pessimistic, we'll go into a recession. If people maintain optimism, then the economy will probably have a soft landing -- but it makes for a very unstable situation," Loewenstein said. "The economy depends on expectations, and expectations depend on the economy."

• PAID PARTNER CONTENT