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U.Mich Inflation Expectations Surprisingly Buck Softer NY Fed Expectations

US DATA
  • U.Mich 1Y inflation expectations revised up to 4.5% (cons 4.4, prelim 4.4) after 4.2% in Oct.
  • 5-10Y inflation expectations sticks at 3.2% (cons 3.1, prelim 3.2) after 3.0% in Oct, consolidating the surprise push higher in the preliminary print to break above its stable 2.9-3.1% range since 2021 for a highest since 2011.
  • It goes against the NY Fed survey of consumer expectations, which whilst for October was released after the U.Mich Nov prelim and saw the 1Y drop almost to its lowest since Apr’21 and the 5Y drop a tenth to 2.7% for its lowest since May.
  • Consumer sentiment meanwhile was revised up a little more than expected to 61.3 (cons 61.0) after the preliminary 60.4, leaving a smaller decline from the 63.8 in Oct that first thought. It remains the lowest since May.

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