The University of Michigan’s Consumer Sentiment Index fell to a final 48.1 in September from 51.7 in August, a seven percent monthly decline and 15 percent below January. The result was the second-lowest reading since the survey began in 1952 and marked a four-month low. One-year inflation expectations rose to 4.6% from 4.0% in August, while long-run expectations increased to 3.4% from 3.3%, as higher fuel costs and trade disputes weakened views of personal finances and business conditions. Despite the weaker confidence, retail sales rose 1.2% in August after falling 0.5% in July, while real consumption grew at a 3.4% annualized rate in the second quarter. Fed policymakers raised the federal funds rate to a 3.75%-4% range on Sept. 16, their first tightening in three years, citing persistent inflation risks.