April final UMich consumer sentiment 63.9 vs 60.0 expected

• Prior was 59.2
• Current conditions 68.0 vs 65.5 expected (64.9 prior)
• Expectations 61.3 vs 56.5 expected (55.4 prior)
• 1-year inflation 3.3% vs 4.2% prior — lowest since March 2021
• 5-10 year inflation 3.0% vs 3.1% prior

This is a four-month high in consumer sentiment but I wouldn’t read much into that as it’s nothing more than a barometer of the political temperature.The fall in one-year inflation expectations is meaningful though and shows that consumers aren’t seeing high inflation embedded in the economy.