UMichigan Consumer Confidence Prints At 71.5, Misses Expectations Of A Rebound from 71.8 To 72.0

Tyler Durden's picture

In true bizarro fashion, the latest catalyst for the stock jump is the latest miss in UMichigan consumer confidence, which missed expectations of a rebound from May's 71.8 to 72.0, instead printing at 71.5, dashing our hopes that there would be more BS-base baffling. In doing so, UMich has confirmed the Conference Board's indication that consumers are now less confident, despite a substantial drop in gas prices in the last month (a decline which has now been largely reversed). More importantly, 5 year inflation expectations continue to be firmly lodged in and came unchanged from last month at 3.0%. 1 year inflation expectations however did drop from 4.0% to 3.8%, a number which will likely reverse if gas prices continue trending straight up. And now, all eyes on the ISM.