Final September UMich consumer sentiment hits 48.1, topping 47.6 forecast

• The preliminary reading had been 47.8.
• The prior month's figure was 51.7.
• Current conditions stood at 50.9, matching the preliminary estimate, compared to 51.9 previously.
• Expectations came in at 46.3, above the preliminary 45.8 and down from 51.5 prior.
• One-year inflation expectations were 4.6%, unchanged from the preliminary reading and up from 4.0% previously.
• Five-year inflation expectations remained at 3.4%, consistent with both the preliminary and prior readings.

These results topped the consensus, but these indicators have a thin forecast history, so the preliminary numbers offer a more reliable benchmark. The headline and expectations saw a slight uptick, yet the inflation figures — of greater current significance — stayed at elevated levels. This is not surprising given the correlation with gasoline prices.

In any case, US 10-year yields have climbed to the day's highs, rising 4.2 basis points to 5.20%.