Confidence up, inflation expectations down, but also for employment/2s-10s spread approaching 40 yr wide inversion

The initial June UoM consumer confidence index rose to 63.9 from 59.2 and vs 63.5 in April. The estimate was 60. Both main components rose m/o/m. Of note, 1 yr inflation expectations fell to 3.3% from 4.2%, the lowest since March 2021. For perspective, it was at 2.4% in February 2020. The big swing factor was the drop in the gasoline price line item que…