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U.Mich Inflation Expectations Surprisingly Ease In March Prelim

US DATA
  • Softer consumer sentiment (63.4, -3.6pts) as both conditions and expectations ease, with sentiment down after the recent trend higher but still far above mid-2022 lows of 50.0.
  • 1Y ahead inflation exp falls 0.3pps to 3.8% (cons 4.1), lowest since Apr’21
  • 5Y ahead dips a tenth to 2.8% (cons 2.9), only the second month since Jul’21 that it’s fallen out of the tight 2.9-3.1% range. It starts to follow recent declines in the NY Fed’s 3Y measure and lower outright figure for the newer 5Y series.
  • Keep in mind the preliminary print often sees revisions come the final release.

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