BREAKING: UoM survey CPI expectations cool down 📌

03:00 PM BST, United States - University of Michigan inflation report for May:

• Michigan Current Conditions: actual 69.6; forecast 68.8; previous 79.0;
• Michigan Consumer Sentiment: actual 69.1; forecast 67.4; previous 77.2;
• Michigan 5-Year Inflation Expectations: actual 3.0%; forecast 3.1%; previous 3.0%;
• Michigan 1-Year Inflation Expectations: actual 3.3%; forecast 3.5%; previous 3.2%;
• Michigan Consumer Expectations: actual 68.8; forecast 66.5; previous 76.0;

The University of Michigan's final consumer sentiment for May showed an improvement in overall sentiment compared to earlier estimates, though it remains lower than the previous month. Expectations and current conditions also improved from preliminary readings. Inflation expectations for the next year eased slightly, offering some relief despite being at their highest level since December. Five-year inflation expectations also saw a slight decrease. These developments led to a slight decline in US yields and a modest rise in stock prices, with the US100 and US500 indexes both gaining.