Despite disappointing inflation reports, Americans’ attitudes toward the economy remain unchanged

The Federal Reserve closely monitors American’s confidence in whether inflation will reach levels they are familiar with. Despite recent disappointing inflation reports causing turmoil on Wall Street, Americans have not experienced a significant change in their economic viewpoint over the last few months.

According to the University of Michigan’s latest consumer survey, sentiment has remained relatively stable in April. The preliminary reading showed a slight decrease from 79.4 to 77.9, but sentiment remains well above the record lows observed in 2022 during a period of high inflation. Although sentiment has not returned to pre-pandemic levels, it has not significantly worsened.

Joanne Hsu, the director of Surveys of Consumers at the university, stated that sentiment has been consistent for four months, with consumers noting few substantial economic developments. Many consumers are adopting a wait-and-see approach due to the upcoming election, which is perceived as having a potential impact on the economy.

Despite the stable sentiment, US consumers’ expectations of inflation have slightly increased in April. The Federal Reserve is closely monitoring this aspect to ensure that Americans have faith in a potential return to normal inflation levels.

Please note that this story is developing and will be updated as more information becomes available.

By Samantha Robertson

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