UBS On-Air: Paul Donovan Daily Audio 'The politics of price expectations'
About this episode
The episode discusses the implications of US Michigan consumer sentiment data on inflation expectations and gasoline prices.
US Michigan consumer sentiment data is a weak economic signal. It does have political punch, via the inflation expectations measure. Consumers focus on the price of frequent purchases (food and fuel), and tend to fixate on the price level. Most consumers will have a “fair” price in mind as a reference, and for gasoline prices that is probably around USD 2.50 per US gallon. Gasoline remains well above that level—off its highs, but having risen recently.
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