UMich sentiment came in at 48.0 for October, the second-lowest print on record and barely above the 46.3 consensus. Joanne Hsu, who runs the survey, says purchasing power dominates household views and

What happened: The University of Michigan Consumer Sentiment Index fell to 48.0 in October from 48.1 in September, the second-lowest reading on record. Key numbers: Index 48.0 vs 48.1 prior; Reuters forecast 46.3; record low 44.8 in May; sentiment down 10% year over year and 15% from February; 1-year inflation expectations 4.7% from 4.6%; 5-year Why it matters: Joanne Hsu said purchasing power dominates consumer views, and persistent inflation expectations pose a risk to the Fed's effort to reach its 2% target. Fed officials meet next week and are broadly expected to hold rates steady. Coverage: 5 outlets in 24h

The University of Michigan Consumer Sentiment Index fell to 48.0 in October from 48.1 in September, the second-lowest reading on record.

Joanne Hsu said purchasing power dominates consumer views, and persistent inflation expectations pose a risk to the Fed's effort to reach its 2% target. Fed officials meet next week and are broadly expected to hold rates steady.