University of Michigan reports US consumer sentiment below expectations in August
Macro
A survey by the University of Michigan shows the preliminary US consumer sentiment index plunged to 51.0 in August, below analysts' forecast of 54.7 and down from 55.2 in July. The sentiment index was pressured by concerns about inflation, a rebound in government bond yields, and geopolitical uncertainty. Both the current economic conditions index and the expectations index declined in August. Consumers expect inflation to rise 4.3% over the next year, up from the 4.2% expected in July, and expect inflation to rise 3.3% over the next five years, unchanged from July.
