Final University of Michigan consumer sentiment data

  • Initial reading was 97.9
  • May final was 100.0
  • Current conditions 111.9 vs 112.5 initially
  • Expectations 89.3 vs 88.6 initially
  • 1-year inflation 2.7% vs 2.6 initially
  • 5-10 year inflation 2.3% vs 2.2% initially

The uptick in inflation expectations will take a tiny bit of pressure of the Federal Reserve to cut rates.