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Mixed Michigan Report Speaks of Stagflationary Worries

US DATA
Highlights from the UMich report:
  • This 10 index-point decline is statistically significant and brings sentiment to its lowest reading in about six months.
  • This month’s trend in sentiment is characterized by a broad consensus across consumers, with decreases across age, income, and education groups.
  • Consumers in western states exhibited a particularly steep drop.
  • They expressed worries that inflation, unemployment and interest rates may all be moving in an unfavorable direction in the year ahead.
A conflicting Michigan release here - headline was a big miss on expectations, but an unusual 0.3ppts jump in 1-year inflation expectations - likely driven by the still-high gas pump prices - AAA data shows pump prices still ~17.5% higher YTD and saw little/no relief from the fade in crude oil over end-April/early-May.
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