Michigan Consumer Sentiment above expectations

The University of Michigan consumer sentiment for the US rose to 65.70 in April from 59.4 in March, above market forecasts of 58.9, preliminary estimates showed. Expectations index rose by 18% to 64.1. Perhaps the most surprising change was that consumers anticipated a year-ahead increase in gas prices of just 0.4 cents in April, completely reversing March's surge to 49.6 cents. The current conditions gauge also increased to 68.1 from 67.2. Meanwhile, inflation expectations were unchanged for both the year-ahead (5.4%) and the five-year outlook (3%).
US2000 saw a relatively small reaction to today’s data release. Index continues to trade around resistance at 2024 pts. Source: xStation5