BREAKING: University of Michigan sentiment at lowest since 2011!

University of Michigan data for May

• Consumer Sentiment (headline): 58.4 vs 59.1 expected

• Current Conditions subindex: 63.6 vs 63.6 expected

• Expectations subindex: 55.2 vs 56.3 expected

• 1-year inflation expectations: 5.3% vs 5.4% expected

We just learned the University of Michigan's sentiment data and inflation forecasts for the coming years. Sentiment turned out to be worse than consensus expectations and bitterness was added by the Expectation Index, which turned out to be much lower than analysts anticipated. A slightly positive tone was added by the inflation forecasts, which turned out to be lower than expectations.

The sentiment index is the lowest since 2011. Source: University of Michigan