After reaching six year highs last month, UMich consumer sentiment dropped back, missing expectations by the most in six months (82.7 vs 84.5 expectation).
Of course, it is the hope for the future that maintains the overall level as the 'outlook' section rose from 75.8 to 76.7 - its highest in 7 months while the current conditions fell back notably (its biggest drop in a year!).
We have seen this pattern before...
Inflation expectations also rose for both 1- and 5-year horizons. The worse than expected print provided some modest pre-release jerk lower in futures which was immediately bid after as S&P pushes the highs in a seemingly bad-is-good reaction (though in a tiny 3 point range).