University of Michigan sentiment falls to 46.3 in preliminary October reading, below forecasts

The preliminary University of Michigan consumer sentiment index for October came in at 46.3, below the forecast of 47.6 and down from September's final reading of 48.1. The expectations index rose to 47.3 from 46.3, beating the 45.7 forecast. Five-year inflation expectations held at 3.5%, matching forecasts and up from 3.4% previously.