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US DATA: Mixed U.Mich Inflation Expectations

US DATA
  • U.Mich inflation expectations were softer than expected 1Y out but stronger for 5-10Y in the preliminary September report.
  • 1Y: 2.7% (cons 2.8) after 2.8% in Aug to dip to its lowest since Dec 2020. For what it’s worth, three of the four latest preliminary reports have been revised down in the final release as well.
  • 5-10Y: 3.1% (cons 3.0) after 3.0% in Aug. It remains in the 2.9-3.1% range it’s mostly held since Aug-2021 although it was last finalized at 3.1% in May’23 (note it did print two 3.1 preliminary readings in May and June this year).

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