Consumer sentiment misses expectations

We do have some breaking economic data crossing the tape. This is University of Michigan consumer sentiment data and it is a miss 77.9. The estimate was around 79.9. Breaking it out a little bit, you’re ahead. Inflation expectations, which we know the Fed watches. They ticked up to 2.9% last month, excuse me, from 2.9% to 3.1% this month. You never want to see that number go in a higher direction. Although when it comes to consumer inflation expectations, a lot of it is influenced by. Energy prices and oil prices have been moving up. You see that at the gas pumps and that’s been a problem and has fed into the inflationary worry lately. And that’s where we begin. This is a week where, you know, January and February hotter inflation numbers were taken as, OK, there’s some seasonal issues, let’s wait for March. Well, we got the March CPI and it was disappointingly high and that has led to a complete rethink on Wall Street about how many Fed cuts we’re going to get, whether we’re even going to get Fed cuts.