US April prelim U Mich consumer sentiment 97.8 vs 100.5 expected

Preliminary April U Mich consumer sentiment

• Prior was 101.4 (it was highest since 2004)
• Current conditions 115.0 vs 121.2 prior
• Expectations 86.8 vs 88.8 prior
• 1-year inflation 2.7% vs 2.8% prior
• 5-year inflation 2.4% vs 2.5% prior

Poor report across the board but the chart shows some context — the overall index is still very high.

The drop in inflation is a bit more of a concern. You would expect that to be moving in the other direction.