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University of Michigan Consumer Sentiment Report: All Readings Rise

  • Index of Consumer Sentiment 58.1 vs 56.8 (Nov)
  • Index of Economic Conditions 60.2 vs 58.8 (Nov)
  • Index of Consumer Expectations 58.4 vs 55.6 (Nov)

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Consumer sentiment made a stark improvement on last month, improving in all three categories. Most notable data points include the sizable 14% rise in one-year business conditions. In addition, year-ahead inflation expectations fell from 4.9% to 4.6% – the lowest reading over the past 15 months. Despite the optimism the year-ahead measure of inflation, the long run inflation expectations remained at 3%, most likely reflecting the fact that inflation is anticipated to remain sticky for an extended period of time.

The Michigan sentiment report appeared not long after the US PPI data revealed a higher print, sending the dollar higher as more signs appear that the Fed’s work isn’t done just yet. The positive sentiment figures produced another short-term push higher in the greenback.

US Dollar Index (DXY) 5 Minute Chart

Source: TradingView, prepared by Richard Snow

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S&P 500 E-Mini Futures dipped around 1.5% after the PPI data and price action appears to be holding below the 61.8% Fibonacci retracement of the major 2022 move.

S&P 500 E-Mini Futures 5 Minute Chart

Source: TradingView, prepared by Richard Snow

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