Consumer sentiment isn't jumping alongside stock prices
While Wall Street has gotten more excited about the economy since March, U.S. household sentiment remains "depressed," says Jon Hill, rates strategist at BMO Capital Markets.
Driving the news: The University of Michigan's consumer sentiment index is still near its lowest since 2013.
What they're saying: "There's no evidence of a V-shaped spike in animal spirits commensurate with near record-high equity indices," Hill said in a note.
- "The current assessment ticked down to 82.5 from 82.8, while forward expectations improved to 66.5 from 65.9."
- "Inflation assumptions one year out were unchanged at 3.0% while the 5- to 10-year forward measure printed at 2.7%."