US Consumer Confidence Index rises to 54.4, declining inflation expectations bring relief to the Federal Reserve

Samuel Tombs from Pantheon noted the University of Michigan Consumer Sentiment Index rose from 49.5 in June to 54.4, above the 50.5 expected by economists, yet still below last year’s average. Samuel Tombs pointed out that declining inflation expectations offer some relief to the Federal Reserve, but the lack of leverage for workers means the likelihood of wage growth rising due to the recent rebound in headline inflation is very low. (Jin Shi)