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While considering Fed officials’ statements, investors also paid attention to the latest consumer-related data.
The University of Michigan reported on Friday that its consumer sentiment index rose in June to a four-month high of 63.9, up from 59.2 in May. Meanwhile, consumer inflation expectations fell for the second consecutive month, falling to 3.3 percent in June from 4.2 percent in May.
“The University of Michigan’s preliminary survey of consumer sentiment supports hopes for a soft landing. Expectations for consumer inflation next year fell from 4.2 percent to 3.3 percent. Sentiment and expectations are elevated as the labor market gradually weakens and following optimism from a debt deal that could lead to a soft landing.
