Joanne Hsu, director of consumer surveys at the University of Michigan, said the Consumer Confidence Index confirmed data from the beginning of the month, rising for the fifth straight month to a new high since April 2024. Consumers believe the economy has improved substantially as inflation slows, but they do not feel they are in a good state of development; the current sentiment is roughly between the historic low reached in June 2022 and data from before the COVID-19 pandemic. Inflation expectations for the coming year rose to 2.8% this month from 2.6% last month, the first quarter-over-quarter increase since May, but within the 2.3% -3.0% range of the two years before the epidemic. Long-term inflation expectations edged down from 3.2% last month to 3.0% this month, up slightly from the range seen in the two years prior to the epidemic.