Thanks to Powell's comments, the most important number from the UMich sentiment survey now is inflation expectations. As a reminder, the Fed Chair freaked out at last month's preliminary print of 3.3% (before it was revised lower for the final print). The 'good' news for Powell is that Inflation Expectations tumbled in preliminary July data (with medium-term expectations tumbling to just 2.8%)...The headline sentiment indicator was expected to remain flat at 50 - a record low - but rose very modestly to 51.1 driven by a rise in 'current conditions' while 'expectations' slipped lower...Will this print back The Fed off ... (full story)