Recent October University of Michigan consumer sentiment finalized at 48.0, holding near September’s 48.1 and marking the second-lowest reading on record after May’s 44.8 low. Persistent inflation pressures tied to the Iran conflict, which began in late February 2026, continue to weigh on sentiment, with one-year inflation expectations rising to 4.7% and long-run expectations at 3.5%—both the highest since May. Current conditions deteriorated sharply to 46.7 on weaker durable-goods affordability amid higher interest rates, while expectations improved modestly. These factors anchor trader consensus around the 46.0–48.9 range ahead of the preliminary November release expected November 6.