University Of Michigan Consumer Sentiment Jumps In June, Inflation Expectations Plummet
Portfolio Pulse from Piero Cingari
The University of Michigan consumer sentiment reading increased by 8% in June, surpassing forecasts, as concerns about the debt ceiling crisis faded and optimism grew due to a strong labor market and elevated stock market gains. Inflation expectations for the next year dropped to 3.2%, the lowest since March 2021.
June 16, 2023 | 2:27 pm
News sentiment analysis
Sort by:
Ascending
NEUTRAL IMPACT
The SPDR S&P 500 ETF Trust (SPY) was marginally lower, down 0.1%, on Friday, after posting six straight sessions of gains. Traders slightly eased expectations on a July Fed rate hike.
The University of Michigan consumer sentiment reading showed an increase in optimism, which could have a positive impact on the stock market. However, the SPY ETF was marginally lower on Friday, possibly due to other market factors. The easing of inflation expectations may have led traders to slightly reduce expectations for a July Fed rate hike, which could have a neutral impact on the SPY ETF in the short term.
CONFIDENCE 90
IMPORTANCE 60
RELEVANCE 80