A paper by Summers et. al published by NBER discusses the disconnect between consumer sentiment expectation (based on reduced inflation and low unemployment) vs. actual sentiment.

Their proposed model closes ~75% of the big gap by taking into account the cost of money. In short, the fact that interest rates are 66x what they were a few years ago is driving Main street costs through credit card interest, auto loan interest, mortgage interest, etc.

I'm far from expert enough to say if they're right or not, but it sure sounds plausible.