Revision for April UMich consumer sentiment data brought 1y inflation expectations (blue) up to 3.2% … 5-10y expectations (orange) unchanged at 3% pic.twitter.com/RyxR9NkVRw

Also not heading in right direction: “supercore” PCE #inflation +0.39% month/month in March, taking year/year rate back up to +3.5% pic.twitter.com/4OP9hoVojz

Looking forward to the #FederalReserve's policy meeting next week: Not just the recent elevated readings of actual #inflation will make officials a little uncomfortable about the dovish December pivot. Forward expectations have also moved up. At 3.2% for the next year,…

According to the just-released data, March headline and core PCE #inflation are slightly higher than the consensus forecasts (2.7 vs. 2.6 and 2.8 vs 2.7). Having said that, the miss is smaller than yesterday, and the monthly readings are in line. Meanwhile, personal spending rose…