Consumer Sentiment Rises To Multi-Month Highs
On January 13, U.S. released preliminary Michigan Consumer Sentiment report for this month. The report indicated that Consumer Sentiment improved from 59.7 in December to 64.6 in January, compared to analyst consensus of 60.5.
The report showed that consumer mood was improving. At current levels, Consumer Sentiment is close to the levels of April 2022, when Consumer Sentiment settled at 65.2. The bottom was reached at 50 in June. Back then, consumers were extremely worried about rising inflation and high prices at the pump.
The strong consumer is an additional argument for the Fed to push rates towards the 5.00% level. At the same time, the news may be interpreted as bullish for riskier assets as they show that the U.S. economy remains in a decent shape despite recession fears.
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