🇺🇸🔻UoM 1-Year Inflation Expectations Fall to 5.2%

• The University of Michigan survey of consumer inflation expectations saw the 1-year estimate falling to 5.2% from 5.3%. The 5-10y expectation estimate came at 2.8%, lower than the prior of 3%

• Cleveland Fed inflation expectations fell in July across tenors, 1-year expectations print at 3.3% vs prior 4.2%

• These measures do not support a 100bps move from the Fed later this month. Rate hike bets have been reduced heading into the weekend