Michigan Consumer Sentiment Rises To 70.5, Beating Analyst Estimates
Current Economic Conditions improved from 63.3 in September to 64.9 in October, while Index of Consumer Expectations decreased from 74.4 to 74.1.
Year-ahead inflation expectations remained unchanged at 2.7%, within the 2.3 – 3.0% range seen in the two years prior to the pandemic. Long-run inflation expectations declined from 3.1% in September to 3.0% in October.
U.S. Dollar Index settled near the 104.00 level as traders reacted to the Consumer Sentiment report. Treasury yields are moving lower, but this move does not put pressure on the American currency.
Gold climbed above the $2735 level as traders focused on falling Treasury yields. From a big picture point of view, gold markets enjoy a strong bullish trend, so it remains to be seen whether Consumer Sentiment data will have a material impact on the price of gold.
SP500 tested new highs after the release of the better-than-expected report. Currently, SP500 is trying to settle above the 5870 level.
For a look at all of today’s economic events, check out our economic calendar.
