The University of Michigan survey was once the gold-standard in confidence surveys but it's been slowly eroded by the politicization of everything and it's more signal than noise at this point. The Fed still watches it and a jump in inflation expectations post-covid caused a bit of a panic at the Fed and a late-signalled jump rate hike but it was later revised away in a bit of an embarrassing moment for policymakers. I'd say that was the nail in the coffin for this being a useful indicator.
There is some moderate US dollar selling on the heels of this report as it shows a poor trajectory, though still with some cushion below the Liberation Day lows.
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