Final Michigan consumer sentiment Index for December 2022 • Prior month 56.8 • Preliminary estimate 59.1 • Final Michigan consumer sentiment index 59.7 versus 59.1 preliminary • Current conditions 59.4 versus 60.2 preliminary. 58.8 last month • Expectations 59.9 versus 58.4 preliminary. 55.6 last month • one year inflation final 4.4% versus 4.6% preliminary. 4.9% last month • five year inflation expectations 2.9% versus 3.0% preliminary. 3.0% last month (full story)

After this morning's 'disappointingly' hotter than expected PCE print, all eyes are now on the UMich inflation expectations for any signs of hope for a dovish Fed into the Xmas weekend. This is the final print for December (so really should not be a huge market mover unless things shifted dramatically intra-month)... and it did! The 1-year inflation expectation dropped from 4.6% flash to 4.4% final (from 4.9% in November)... the lowest since June 2021 But we caution that inflation uncertainty remains extremely high.... {chart} The final headline UMich rose from November and the flash print, with expectations leading ... (full story)