US August prelim UMich consumer sentiment 71.2 vs 71.0 expected

• Prior was 71.6
• Current conditions 77.4 vs 76.9 expected (76.6 prior)
• Expectations 67.3 vs 68.1 expected (68.3 prior)
• 1-year inflation 3.3% vs 3.4% prior
• 5-10 year 2.9% vs 3.0% prior

I don’t have much use for this survey. It was pointing to a severe drop in consumer spending late last year and the consumer has been just fine. It basically measures gas prices and political sentiment. The inflation expectations number tripped up Powell last year as well before it was revised.