US consumer sentiment highest since February amid U.S.-Iran ceasefire talks
Business
US consumer sentiment hit its highest point since February, with a big boost in July thanks to cheaper oil, mostly because of early ceasefire talks between the US and Iran.
But that good vibe might not last long. Fresh conflict in the Middle East has already sent oil prices climbing again, and gas now averages $3.98 per gallon (up from $3.16 last year).
Inflation expectations dip to 4.2%
Most survey responses came before fighting picked up again, so they caught a short window of hope.
Inflation expectations dipped to 4.2%, but that's still pretty high compared to normal times.
Joanne Hsu, who leads the survey, noted that overall sentiment is actually down 12% from last July, showing people are still feeling squeezed by high costs and economic uncertainty.