The University of Michigan's preliminary July consumer sentiment index came in at 54.4, up from the final June reading of 49.5 and beating market expectations of 51.0. The current conditions index improved from 47.7 to 54.9, while the expectations index rose from 50.7 to 54.0. One-year ahead inflation expectations fell from 4.6 percent to 4.2 percent, and five-year ahead inflation expectations were unchanged at 3.3 percent.