The first reading on July US consumer sentiment from the University of Michigan:
- Prior was 96.1
- Expectations 85.2 vs 87.8 exp
- Current conditions 106.0 vs 108.9 prior
- 1-year inflation expectations 2.8% vs 2.7%
US retail sales were weak on Tuesday but gasoline prices have fallen so that balanced expectations but the soft sales proved to be the tell.
The tick higher in inflation expectations will help to balance out the disappointing US inflation reading today, at least partly.
No market reaction, partly because Fischer speaks in a few minutes.
