US consumer sentiment slipped to 48.0 in October, the second-lowest on record, with purchasing power dominating household views, says Joanne Hsu of the University of Michigan survey. It beat the 46.3

What happened: The University of Michigan Consumer Sentiment Index slipped to 48.0 in October from 48.1 in September, the second-lowest reading on record, as rising prices linked to the Middle East conflict weighed on households. Key numbers: Index 48.0 in October vs 48.1 in September; Reuters poll expected 46.3; record low 44.8 in May; independents 42.4 vs 47.7; Why it matters: Joanne Hsu said purchasing power dominates consumer views, with sentiment 10% below a year ago and 15% less than February. She cautioned that elevated inflation expectations pose a risk to the Fed's 2% target. Coverage: 6 outlets in 24h

The University of Michigan Consumer Sentiment Index slipped to 48.0 in October from 48.1 in September, the second-lowest reading on record, as rising prices linked to the Middle East conflict weighed on households.

Joanne Hsu said purchasing power dominates consumer views, with sentiment 10% below a year ago and 15% less than February. She cautioned that elevated inflation expectations pose a risk to the Fed's 2% target.