Barclays with the note:
The final print of the June University of Michigan measure revised five- to ten-year inflation expectations down to 3.1%, from 3.3% in the preliminary print. The softer long-term expectation may give the FOMC some comfort, though additional readings and July CPI will be key to watch for more stable signs.
The University of Michigan’s consumer sentiment index decreased 8.4% m/m, to 50.0, in the final estimate for June, following a sharp decline in May. Compared with the preliminary print, the headline number was revised lower by 0.2pp. Both consumers’ expectations and the
assessment of current economic conditions declined, keeping the index in very weak territory, with current conditions decreasing 9.5pp, to 53.8, and expectations sliding 7.7pp, to 47.5.