Source: Wall Street News
Consumer confidence at the University of Michigan in the US unexpectedly fell far short of expectations in May, falling sharply from April and hitting a six-month low. Consumer short-term inflation expectations in the country have risen sharply, from 3.2% last month to the latest 3.5%, and long-term inflation expectations have also risen.
The initial value of the US Consumer Confidence Index in May was 67.4, a six-month low. It fell far short of expectations of 76.2, and far lower than the pre-April value of 77.2.
The overall sub-index fell far short of expectations: the initial value of the University of Michigan Consumer Status Index in May was 68.8, the expected value was 79, and the value before April was 79; the initial value of the expected index was 66.5, the forecast was 75, and the value before April was 76.
In terms of inflation expectations that have received much attention in the market, the initial value of the 1-year inflation forecast is 3.5%, which is much higher than the forecast of 3.2%. The value before April was 3.2%; the initial value of the 5-year inflation forecast was 3.1%, which is also higher than the forecast of 3%, and the pre-April value was 3%.
Michigan data shows that US short-term inflation expectations have risen markedly, and short-term and medium-term US bond yield increases slightly:
The increase in US two-year Treasury yields extended to 2.7 basis points, reaching a new high of 4.8445% on a new day. The three-year US Treasury yield rose 3.3 basis points to a new high of 4.6551%. The 5-year US Treasury yield reached a record high of 3.5 basis points. The seven-year US Treasury yield rose 4.2 basis points to a new high. The 10-year US Treasury yield rose 4.2 basis points to a new high. The increase in 30-year US Treasury yields widened again to more than 2.5 basis points, approaching the daily high that US stocks reached before the market.
The S&P 500 rose more than 0.3%, the Dow rose 160 points, or 0.4%, and the NASDAQ rose 0.28%.
Spot gold maintained an increase of about 1% and traded at the $2,370 per ounce line. US stocks rose to a daily high of $2378.46 before the market.
Consumer confidence is affecting economic growth in the coming months. Pessimistic consumer sentiment will inhibit spending levels, thereby affecting economic recovery, while optimistic consumer sentiment will help the future economy.
Editor/jayden