US consumer sentiment fell to a record low in early April, with the University
of Michigan index dropping to 47.6 from 53.3, reflecting rising inflation
concerns linked to the Iran war. One-year inflation expectations jumped to 4.8%,
while long-term expectations rose to 3.4%. Gasoline prices above $4 a gallon are
eroding purchasing power and may curb spending. The current conditions gauge hit
50.1, and expectations fell to the weakest since 1980. Survey director Joanne
Hsu said consumers largely blame the Iran conflict.
