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UMich Sentiment Jumps But Long-Term Inflation Expectations Unexpectedly Rise
On the surface, today's UMichigan consumer sentiment print came well above expectations (as one would expect with the midterm elections just 3 months away): the headline sentiment index jumped to 55.1 from 51.5 and beating expectations of 52.5, driven by a surge in expectations from a decade low of 47.3 to 54.9, beating expectations of 48.5 even as current conditions actually dropped from 58.1 to 55.5, missing expectations of 57.8. chart Contrary to expectations, it was actually Republican and Independent sentiment that improved in July, while Democrat sentiment tumbled to a fresh two-year low. chart While ... (full story)