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Final U.Mich Survey Doesn't Move The FOMC Dial

US DATA
  • Main components from the finalized U.Mich consumer survey for October were relatively unchanged from the preliminary report and as such should have limited implications for next week’s FOMC.
  • Of most note was 1Y ahead inflation seen at 5.0% as the initial 40bp increase was trimmed to 30bps, remaining off that most recent low of 4.7% in Sep but still below highs of 5.4% in the spring.
  • The 5-10Y ahead measure was unrevised at 2.9%, confirming the reversion to the narrow 2.9-3.1% range after dipping below it in Sep for the first time since Jul’21.

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