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U S consumer sentiment drops in early July on inflation fears

U.S. consumer sentiment drops in early July on inflation fears FILE PHOTO: A man shops, during the coronavirus disease (COVID-19) pandemic, on 5th Avenue in New York, U.S., February 17, 2021. REUTERS/Brendan McDermid July 16, 2021 By Evan Sully (Reuters) -U.S. consumer sentiment fell sharply and unexpectedly in early July to the lowest level in five months as inflation worries dented confidence in the economic recovery, a survey showed on Friday. The University of Michigan said its preliminary consumer sentiment index fell to 80.8 in the first half of this month – the lowest since February – from a final reading of 85.5 in June. Economists polled by Reuters had forecast the index would rise to 86.5.

Treasuries Close Roughly Flat After Seeing Early Weakness

Treasuries Close Roughly Flat After Seeing Early Weakness Treasuries Close Roughly Flat After Seeing Early Weakness After moving notably higher over the course of the two previous sessions, treasuries finished Friday’s trading roughly flat. Bond prices moved to the downside early in the session but recovered to end the day nearly unchanged. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, inched up by less than a basis point to 1.300 percent. The initial weakness among treasuries came after the Commerce Department released a report showing an unexpected increase in retail sales in the month of June.

U S Consumer Sentiment Unexpectedly Slumps In July Amid Inflation Concerns

U S Consumer Sentiment Unexpectedly Slumps In July Amid Inflation Concerns
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