U.S. consumer sentiment jumped to a 15-year high in early May amid growing confi...
WASHINGTON - U.S. consumer sentiment jumped to a 15-year high in early May amid growing confidence over the economy’s outlook, but much of the surge was recorded before an escalation in the trade war between the United States and China, which could hurt activity.
President Donald Trump last week raised tariffs on $200 billion worth of Chinese goods to 25% from 10%. China retaliated on Monday with higher tariffs on a revised list of $60 billion worth of U.S. products. “So the recent improvement in sentiment may turn out to be short-lived,” said Daniel Silver, an economist at JPMorgan in New York. “While the ultimate response to tariffs is still unclear, the survey results suggest that consumer sentiment was upbeat before the developments on trade policy from the past couple of weeks.”
The survey showed consumers expecting higher inflation over the next 12 months and five years. The survey’s five-year inflation expectations measure rose to 2.6% early this month from 2.3% in April. Federal Reserve officials are keeping a close eye on survey-based measures of inflation expectations.
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