The preliminary figure came in below the 4.4% forecast and down from 4.6% previously, suggesting consumer inflation worries eased on paper.
University of Michigan 1-year inflation expectations fell to 4.2% in the preliminary reading, undershooting the 4.4% forecast and declining from 4.6% in the prior print. The move points to some cooling in consumer inflation anxiety, at least in the survey data, and may draw attention from investors watching whether inflation expectations are stabilizing.