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%."