BREAKING: UoM yr-ahead expected inflation at 7.3%, highest since 1981

University Michigan Sentiment Prelim: 50.8 (Forecast 53.4, Previous 52.2); second lowest on record.

• Expectations Prelim: 46.5 (Forecast 48.6, Previous 47.3)
• Current condition Prelim: 57.6 (Forecast 59.9, Previous 59.8)

University Michigan 1 Yr Inflation Expectations Prelim: 7.3% (Forecast 6.5%, Previous 6.5%

• 5 Yr Inflation Expectations Prelim: 4.6% (Forecast 4.4%, Previous 4.4%)

Wall Street almost ignored 'very bad' University of Michigan prelim report, suggesting rising both long-term and short-term inflation expectations, with unexpected weakness across the expectations, current condition and sentiments indices.