- Prior reading was 72.3
- Current conditions 87.6 vs 82.7 prior
- Expectations 64.5 vs 65.6 prior
- One-year inflation expectations 3.6% vs 3.0% prior
A bit of risk appetite and dollar-buying after the data but the jump in inflation expectations is the real takeaway. Higher food and energy prices are making consumers wary of inflation. Fed hawks may choose to ignore yesterday’s weak CPI and focus on this instead.
