Michigan Sentiment Survey: every component of the index fell in early November, painting a picture of one cranky consumer
The Michigan Sentiment Survey was the last piece of this morning’s data. The index fell nearly 4 points to 66.0. Every component of the index fell in early November, painting a picture of one cranky consumer. It also gives credence to yesterday’s MBA Purchase Index which fell to 9 year lows. Overall, the release looked disastrous but the devil was in the details as longer term inflation expectations are beginning to rise. While the one year inflation bogey fell, the three to five year expectations were up .3%. This will be on the Fed’s radar.