US INFLATION EXPECTATIONS HIT FIVE-MONTH HIGH

The University of Michigan's final October survey put one-year inflation expectations at 4.7%, the highest reading since May. The headline sentiment index was nearly flat versus September, but that calm hides a split: the current-conditions gauge sank to 46.7 from 50.9, even as consumers grew more optimistic about the months ahead. Sticky inflation expectations narrow the Fed's room to keep cutting rates, a risk already showing up in Treasuries tracked by $TLT.