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).
[4]
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...
[5]
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).