Preliminary UMich consumer sentiment data for October 2023 • Prior was 68.1 • Current conditions 66.7 vs 70.4 expected (71.4 prior) • Expectations 60.7 vs 65.5 expected (66.0 prior) • 1-year inflation 3.8% vs 3.2% prior • 5-10 year 3.0% vs 2.8% prior • I don't like this survey and this rise is likely due to higher gasoline prices (before the recent fall) but the market isn't going to like any of this. (full story)

UMich inflation expectations soared in preliminary October data, with the year-ahead inflation expectations rose from 3.2% last month to 3.8% this month. The current reading is the highest since May 2023 and remains well above the 2.3-3.0% range seen in the two years prior to the pandemic. Long-run inflation expectations edged up from 2.8% last month to 3.0% this month. Meanwhile, the headline consumer sentiment gauge plunged to 63.0 (67.1 exp) from 68.1, led by a big drop in expectations (from 66.0 to 60.7). UMich's Joanne Hsu noted, "assessments of personal finances declined about 15%, primarily on a ... (full story)