economy
Consumer sentiment hits fresh record low in May as Iran war fuels inflation worries
Consumer sentiment has tumbled to a fresh record low in May as fears of higher prices grow due to the U.S.-Iran war and elevated oil prices.
TL;DR
- Consumer sentiment index fell to a record low of 44.8 in May.
- Fears of higher prices are growing due to the U.S.-Iran war and elevated oil prices.
- Inflation expectations over the next year rose to 4.8%, and longer-term expectations increased to 3.9%.
- Global markets are volatile as investors assess the war's end and the impact of sustained high oil prices.
- Treasury bond yields have reached multi-year highs.
- The Federal Reserve is less willing to lower interest rates due to inflationary pressures.