The University of Michigan's Consumer Sentiment Index fell again in May after economists expected a modest increase. Consumer sentiment is at its lowest level in nearly three years.

The preliminary reading for consumer sentiment in May falls to 50.8 from 52.2 the month prior, as reported by the University of Michigan, below original estimates of 53.4. The print also illustrated inflation expectations to have shot up to 7.

US consumer sentiment unexpectedly fell to the second-lowest level on record and inflation expectations climbed to multi-decade highs amid growing concerns about tariffs.