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One platform for global traditional assets
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University of Michigan May Consumer Confidence Index Final Value Drops to 44.8, Down for the Third Consecutive Month, Approaching the June 2022 Historical Low.
The survey indicates that the disruption of Strait of Hormuz supplies has driven up oil prices, with 57% of consumers saying high prices are eroding personal finances.
Meanwhile, consumer concerns about inflation continue to rise, with one-year inflation expectations increasing from 4.7% to 4.8%, and long-term inflation expectations rising from 3.5% to 3.9%.