US CONSUMER SENTIMENT STAYS NEAR RECORD LOW IN OCTOBER

What happened: The University of Michigan Consumer Sentiment Index came in at 48.0 in October, close to its weakest level on record, as rising prices continued to squeeze household purchasing power. Key numbers: Index at 48.0 versus September's 48.1 and a preliminary 46.3; economists polled by Reuters expected 46.3. Why it matters: Joanne Hsu said elevated inflation expectations threaten the Fed's efforts to return inflation to its two percent target, and that resilient spending could make disinflation harder. Fed officials meet next week and are expected to hold rates steady.

The University of Michigan Consumer Sentiment Index came in at 48.0 in October, close to its weakest level on record, as rising prices continued to squeeze household purchasing power.

Joanne Hsu said elevated inflation expectations threaten the Fed's efforts to return inflation to its two percent target, and that resilient spending could make disinflation harder. Fed officials meet next week and are expected to hold rates steady.