The University of Michigan consumer sentiment index fell 2.5 points to 72.5 in the preliminary February reading, pulling back half of the 5.1-point gain to 75.0 in January. The reading was weaker than both the 74.0 consensus expectation and our forecast of 75.0. Current conditions largely explained the overall decline, falling to 79.6 from 84.2 in January. However, expectations also fell 1.1 points to 68.0 in the preliminary February reading. Although inflation expectations one year ahead eased slightly, the five-year-ahead reading accelerated to 2.9% from 2.7% in January. The disappointing report will likely weigh on markets today....
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Research Type: Commentary
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