U.S. consumer confidence rises to 108.00 in September from 103.6 in August, topping expectations calling for an advance to 104.6. A sharp increase in the present situation and the expectations can be attributed to the recovery. USD trims losses.
Delving deeper into today's numbers, the present situation index, based on the current business and labor market outlook, jumped to 149.6 from 145.4 on perceptions that hiring conditions are still healthy. This strong gain is consistent with stabilizing activity, a scenario that reduces the likelihood of an imminent downturn.
Elsewhere, the expectations index, which tracks short-term prospects for income, the business environment, and the jobs market surged to 80.3 from 70.1, exceeding the 80.00 level that is indicative of improved growth prospects. The U.S. dollar, as measured by the DXY index, trimmed most of its early session losses to trade around 114.05 after the survey results were released, as brightening sentiment among Americans bodes well for spending in the final months of 2022, which could add to inflationary pressures and prompt the Fed to continue aggressively raising interest rates.
With the American consumer holding up well despite sky-high inflation and tightening financial conditions, the U.S. central bank will have to slam on the breaks even harder to bring about the kind of demand destruction needed to knock inflation down and force it back to the 2.0% target. This reduces the probability of a monetary policy pivot in 2023, a situation that will bias U.S. Treasury yields to the upside. In this environment, the U.S.
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