Consumer sentiment turns glummer in November, inflation expectations tick up

Nerthuz

• November University of Michigan Consumer Sentiment: 54.7 vs. 59.6 consensus and 59.9 in October.
• Expectations: 52.7 vs. 56.2 prior.
• Current conditions: 57.8 vs. 65.6 prior.
• Year-ahead inflation expectations: 5.1% vs. 5.0% previously.
• Five-year inflation expectations: 3.0% vs. 2.90% previously.
• "Consumer sentiment fell about 9% below October, erasing about half of the gains that had been recorded since the historic low in June," said Surveys of Consumers Director Joanne Hsu.
• "All components of the index declined from last month, but buying conditions for durables, which had markedly improved last month, decreased most sharply in November, falling back 21% on the basis of high interest rates as well as continued high prices," she said.
• Long-run inflation expectation have held in the 2.9%-3.1% range for 15 of the last 16 months.
• On Thursday, CPI inflation moderated in October to +7.7%, giving Fed room for smaller hikes