Key Insights
Consumer Sentiment increased from 79 in January to 79.6 in February.
Current Economic Conditions decreased from 81.9 to 81.5.
Year-ahead inflation expectations increased from 2.9% to 3.0%.
On February 16, 2024, the Universtity of Michigan released Michigan Consumer Sentiment report for February.
The report indicated that Consumer Sentiment improved from 79 in January to 79.6 in February, compared to analyst consensus of 80.
Current Economic Conditions declined from 81.9 in January to 81.5 in February, while Index of Consumer Expectations increased from 77.1 to 78.4.
Year-ahead inflation expectations increased from 2.9% to 3.0%, while long-run inflation expectations remained at 2.9% for the third consecutive month.
The University of Michigan commented: “The fact that sentiment lost no ground this month suggests that consumers continue to feel more assured about the economy, confirming the considerable improvements in December and January across various aspects of the economy,”
U.S. Dollar Index pulled back below the 104.50 level after the release of the report, which missed analyst estimates. Treasury yields are moving higher, but forex traders stay cautious ahead of the weekend.
Gold settled near the $2000 level as traders reacted to the Michigan Consumer Sentiment report. Rising Treasury yields did not put pressure on gold markets in today’s trading session.
SP500 made an attempt to settle below the 5000 level as traders took some profits off the table near historic highs.
For a look at all of today’s economic events, check out our economic calendar.
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