Having spiked magnificently (and surprisingly) to 11-month highs (from 7-month lows) with May’s preliminary print at 95.8 (driven by a massive spike in ‘hope’), today’s final print of 94.7 (still an 11-month high) dropped from preliminary and missed forecasts. Expectations faded notably from 87.5 prelim to 84.9 final – still an 11-month high for ‘hope’. However, despite the hype in the hope, short- and long-term inflation expectations tumbled with 5-10Y outlook now at record lows.
So no higher highs in confidence and lower lows in inflation expectations… get back to work Ms. Yellen.
Charts: Bloomberg
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