Consumer Sentiment Index Steady, Solid

The consumer sentiment index held steady at a solid 98.8 for preliminary May led by a modest gain in the expectations component, now at 89.5, which offset a slight dip in the assessment of current conditions, at 113.3. Year-ahead inflation expectations edged 1 tenth higher to 2.8 percent, a level last matched back in March this year but not surpassed since March 2015. There no hints in today's report of a burst higher for consumer spending nor for inflation, though the results are consistent with moderate strength for both.