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U.Mich Near-Term Inflation Expectations Bounce, Long-Term Remain Rangebound

US DATA
  • U.Mich 1Y inflation expectations bounce more than expected from 3.9% to 4.2% (cons 4.0) after a solid decline from a recent high of 5.0% in Oct and cycle high of 5.4% back in Mar/Apr.
  • No surprises in the 5-10Y measure though, holding at 2.9% for the third month running in that 2.9-3.1% range it’s held since Jul’2021 for all bar one month.
  • Despite higher short-term inflation expectations, consumer sentiment pushes higher than expected from 64.9 to 66.4 (cons 65.0) as it continues trend improvement off mid-2022 lows of 50.0, lead on the month by current conditions with expectations souring.

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