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UMich Inflation Expectations Crash In June; Sentiment Rebounds
After last month's rise in medium-term inflation expectations to its highest in 15 years, expectations from UMich's survey were for a small pullback in preliminary June data. As it turns out, expectations were right in direction but the magnitude is off the charts as 1-year inflation expectations crashed from 4.2% to 3.3% (exp 4.1%). Longer-term inflation expectations also slipped back from 15 year highs. The headline sentiment data was expected to show a modest pickup in preliminary June data - against the recent trend of deterioration - and it did, reaching its highest level in four months. As Joanne Hsu, director ... (full story)
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