May Michigan consumer sentiment index (preliminary) 57.7 versus 63.0 expected

May Michigan consumer sentiment index (preliminary) 57.7 versus 63.0 expected

From forexlive.com

Michigan consumer index data for May 2023 (preliminary) • Prior Michigan sentiment 63.5 • Consumer sentiment 57.7 versus 63.5 estimate • Current conditions 64.5 versus 67.0 estimate • Expectations 53.4 versus 59.8 estimate • 1-year inflation 4.5% vs 4.6% last month • 5-year inflation 3.2% vs 3.0% last month The Michigan Consumer Sentiment Index (MCSI) is a widely-followed economic indicator that measures the overall level of consumer confidence and optimism in the United States, focusing specifically on the state of Michigan. It is published monthly by the University of Michigan's Survey Research Center ... (full story)

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May 12, 2023 12:51pm

What draws my attention here is that 5 year inflation expectations rose from 3.0% to 3.2%, which is the highest level in at least a year. Obviously, rising longer-term inflation expectations aren't what the Fed wants as higher inflation expectations may beget higher inflation.