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UMich Suggests Inflation Exp Becoming A Little Less Unanchored


The drop in long-term inflation expectations is the standout from July's UMichigan survey.

  • The 5-10Y reading fell sharply to 2.8% from 3.1% prior, the lowest since July 2021.
  • That's still probably above a level that will give Fed policymakers much comfort, but it's closer to the mid-2s range that prevailed pre-pandemic.
  • Most importantly, the direction of travel suggests that inflation expectations are not becoming unanchored, at least per the Michigan survey alone.

Source: UMichigan, MNI

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