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In recent developments, Michigan Consumer Sentiment has remained relatively flat for the third consecutive month. However, there has been a notable increase in year-ahead inflation expectations, with a rise from 2.9% in March to 3.2% in April. Long-run inflation expectations have also seen a growth from 2.8% to 3.0%. These rising inflation expectations may prompt the Federal Reserve to adopt a more hawkish stance in the near future.
The University of Michigan has remarked on the current sentiment, noting that consumers are expressing uncertainty regarding the future trajectory of the economy, particularly in light of the upcoming election. However, global geopolitical factors do not seem to be at the forefront of consumers’ minds at this time.
Following the release of the Consumer Confidence report, the U.S. Dollar Index has tested session highs and is currently attempting to settle above the 105.90 level. Despite lower Treasury yields, the dollar remains resilient, showing no signs of weakness.
In the precious metals market, gold has struggled to surpass the $2350 mark and instead settled near the $2340 level. The stronger dollar has exerted some pressure on gold prices in today’s trading session.
On the equities front, the SP500 has reached new highs above the 5100 level, driven by rising demand for tech stocks. The release of the Consumer Confidence data has acted as a key bullish catalyst for the SP500, highlighting the continued interest in technology companies among investors.
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