December 22, 2024
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Michigan Consumer Sentiment Meets Estimates; SP500 Rebounds From Session Lows

Year-ahead inflation expectations increased from 2.6% in November to 2.8% in December.”, — write: www.fxempire.com

Current Economic Conditions improved from 63.9 in November to 75.1 in December, while Index of Consumer Expectations decreased from 76.9 to 73.3.

Year-ahead inflation expectations increased from 2.6% in November to 2.8% in December. Nevertheless, year-ahead inflation expectations remained within the 2.3% – 3.0% range seen in the two years prior to the pandemic.

Meanwhile, long-run inflation expectations declined from 3.2% in November to 3.0% in December.

The University of Michigan commented: “Broadly speaking, consumers believe that the economy has improved considerably as inflation has slowed, but they do not feel that they are thriving; sentiment is currently about midway between the all-time low reached in June 2022 and pre-pandemic readings.”

U.S. Dollar Index moved towards session lows after the release of Michigan Consumer Sentiment report. Currently, U.S. Dollar Index is trying to settle below the 108.00 level.

Gold climbed above the $2620 level as traders focused on U.S. dollar’s pullback and falling Treasury yields.

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