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The preliminary UMichigan consumer sentiment survey misses expectations in October, at 71.4 (vs 73.1 expected, 72.8 prior), retracing most of the modest September uptick from August's 10-year low. The disappointment came amid the highest 1Yr inflation expectations (4.8%, vs 4.7% expected) since 2008.

  • "When asked to describe in their own words why conditions were unfavorable, net price increases were cited more frequently than any time since inflation peaked at over 10% in 1978-80," as BBG quoted survey director Richard Curtin, citing a statement.
  • That said, 5Yr inflation expectations receded to 2.8% vs 3.0% prior.
  • A weak report that stands in stark contrast to the retail sales beat earlier - and will raise questions about inflation's impact on consumer health.
  • Treasuries ticked up modestly with the USD a touch lower, but not nearly as big an impact as the well-below-consensus August survey.