US Consumer Confidence Bounces Back Despite Inflation and Bank Crisis
Despite a string of banking failures and the Federal Reserve raising interest rates to cool persistent inflationary pressures, US consumers were more confident in March, with the Consumer Confidence Index rising slightly to 104.2 from 103.4 in February. However, the Present Situation Index slipped, while the Expectations Index jumped. Consumers' expectations of inflation over the next 12 months remains elevated at 6.3%, and overall purchasing plans for appliances continued to soften while automobile purchases increased slightly.