May 24, 2024 14:09 GMT
U.Mich Inflation Expectations Latest Climb Mostly Revised Away, Sentiment Still Slides
US DATA
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- U.Mich inflation expectations gave back more of their preliminary rise in May than expected, leaving only a 0.1pp rise in the 1Y from April and the 5-10Y unchanged at 3.0% for well within its mostly held 2.9-3.1% range seen in recent years.
- U.Mich 1Y inflation: 3.3% (3.4 cons, 3.5 prelim) in May after 3.2% in April
- 5-10Y inflation: 3.0% (3.1 cons, 3.1 prelim) in May after 3.0% in April
- The trimming of inflation expectations helped at least partly limit what had been a particularly heavy decline in consumer sentiment in May, at 69.1 rather than 67.4 in the preliminary reading.
- That’s still a significant rolling over in confidence since the 77.2 in April and the recent peak of 79.4 in March though.
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