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U.Mich Consumer Survey Surprisingly Strong Across The Board

US DATA

The preliminary July U.Mich survey was stronger than expected across the board:

  • 1Y inflation surprisingly increased to 3.4% (cons 3.1) after 3.3%.
  • 5-10Y inflation increased a tenth to 3.1% (3.0), back at the top end of the 2.9-3.1% range seen since Aug’21 and one tenth off a high since 2011.
  • Sentiment also increased to 72.6 (cons 65.6) from 64.4.

Worth noting that the interview period ran June 26th- July 12th, so is unlikely it captured any expectations response to Wednesday's lower-than-expected CPI report.

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