Party Crasher

Those hoping for one more dovish surprise on the inflation front before the weekend were disappointed on Friday. Longer-term inflation expectations from the University of Michigan's consumer sentiment survey ticked higher in the preliminary read for August, touching 3% after receding last month. It was a bit of a party crasher. As most readers are acutely aware, a worrying uptick in 5-10 year expectations in the Michigan poll was in part responsible for the Fed's decision to upsize June's rate