US household sentiment “stubbornly subdued”; UoM index declines in July

Summary: University of Michigan consumer confidence index falls in July, reading slightly less than expected; views of present conditions, future conditions both deteriorate; nearly half of consumers still object to impact of high prices; US Treasury yields fall; rate-cut expectations firm; inflation expectations decline. US consumer confidence started 2020 at an elevated level but, after a few months, surveys began to reflect a growing unease with the global spread of...

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