According to the final version of the US University of Michigan Consumer Sentiment survey for March, the headline Consumer Sentiment index fell to 59.4 versus the flash estimate released earlier in the month of 59.7. That marked a substantial drop versus February's final estimate of the Consumer Sentiment index of 62.8 and marked the weakest such reading since August 2011.
The final version of the Current Conditions index was revised lower to 67.2 from the flash estimate of 67.8, also below February's 68.2 reading and marking the lowest such reading since August 2011. The final version of the Consumer Expectations index came in at 54.3 versus the 54.4 flash estimate, well below February's 59.4 reading and marking the lowest such reading since October 2011. The One-year Inflation Expectations index also rose to its highest since November 1981 at 5.4%.
Market Reaction
There was no notable market reaction to the latest US data with focus instead on upcoming Fed speak and on recent hawkish revisions to major US bank's forecasts for Fed policy in the coming years.
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