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US consumer sentiment edged down to 48.0 in October, near a record low, as price increases linked to the Middle East conflict weighed on households, according to a University of Michigan survey. Sentiment among independents fell sharply to 42.4 from 47.7 in September, just above May's record low of 40.6, while scores among Democrats and Republicans improved. Expectations for inflation over the next 12 months rose to 4.7%, and expectations for the next five years increased to 3.5%. Survey director Joanne Hsu warned that persistently elevated inflation expectations could complicate the Federal Reserve's efforts to bring inflation to its 2% target, and the Fed is due to meet next week with the policy rate widely expected to stay at 3.75%-4.00%.
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The Mexican peso rebounded against the U.S. dollar on Friday but still finished the week weaker. Banco de México's benchmark was 18.6601 pesos per dollar on Oct. 23, up from 18.5045 on Oct. 16, a 0.84% rise in the peso-per-dollar quote that equals a 0.83% drop in the peso's dollar value. The rate fell from 18.7134 on Oct. 22 to Oct. 23, implying a roughly 0.3% daily gain for the peso. INEGI said its Global Economic Activity Indicator rose 0.6% from July and 3.5% year on year in August, using seasonally adjusted figures. The University of Michigan put its final October Consumer Sentiment Index at 48.0, compared with 48.1 in September.
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