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.

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.

U.S. consumer sentiment deteriorated further in May, with one-year inflation expectations soaring to levels last seen in late 1981 amid escalating fears over the economic impact of President Donald Trump's trade policy.