University of Michigan survey: Confidence down, inflation expectations off the charts
Here's the kicker: An index that measures inflation expectations for the next year jumped. Consumers now expect inflation to run at a 5.2% page over the coming 12 months. That's up from 4.8% in April and the highest reading going all the way back to February 1982 (a tie). Five-year forward inflation expectations climbed to 3.3% from 3.2%. That's the highest reading since August 1996 (a tie).