Consumers are finally feeling some reli𓂃ef from price pressures.🐽 

The University of Michigan’s Index of Consumer Sentiment improved to 67.8 in August, rising for the first time in five months. Recent reports have 澳洲幸运5官方开奖结果体彩网:shown slowing inflation as annual price increases move back toward theꦯ Federal Reserve's target of 2%. 

“Recent encouraging developments toward bringing inflation back into the FOMC's target range have given consumers reason to be a bit more optimistic,” wrote Wells Fargo economists Tim Quinlan and Jeremiah Kohl. The 澳洲幸运5官方开奖结果体彩网:🃏Federal Open Market Committee (FOMC)♊ is the Fed's policy setting body, and it has kept inte꧂rest rates at two-decade highs in an effort to tame inflation.

The University of Michigan poll is 澳洲幸运5官方开🔜奖结果体彩网:more sensitive to inflation rea🐷dings when compared with other consumer surveys. For that reason, rea🍨dings have been do꧂ur over the past year as inflation remained stubborn.

Consumers expect inflation to be 2.9% a year from now, in line with their predictions last month. Fed officials 澳洲幸运5官方开奖结果体彩网:closely monitor consum꧒er inflation exp💞ectations since people act on those predictions, which can influence ꦐboth price setters and wage payers. 

Future Economic Expectations Move Higher 

Consumers report♐ed feeling better about the economic outlook but souring on the current conditions.

“Overall, expectations strengthened for both personal finances and the five-year economic outlook, which reached its 🦩highest reading in four months,” said Joanne Hsu, director of the University of Michigan’s Survey of Consumers.