- Prelim was 47.8
- Prior was 51.7
- Current conditions 50.9 vs 50.9 prelim (51.9 prior)
- Expectations 46.3 vs 45.8 prelim (51.5 prior)
- One-year inflation expectations 4.6% vs 4.6% prelim (prior 4.0%)
- Five-year inflation expectations 3.4% vs 3.4% prelim (prior 3.4%)
These ‘beat’ the consensus but these are thinly-forecast indicators so the prelim numbers are a better metric to go by. There was a slight improvement on the headline and expectations but the inflation numbers — more important right now — stayed high. That’s not a surprise given there’s a correlation with gasoline prices.
In any case, US 10-year yields are at the highs of the day, up 4.2 bps to 5.20%.
This article was written by Adam Button at investinglive.com.