Analysts at TD Securities are expecting the University of Michigan's сonsumer sentiment indicator to show a modest improvement in July to 98.8 from 98.2 before and just a tad below this year's high at 100.

• “Strong stock market performance and a still-solid labor market are likely to be factors behind the improvement. Most of the attention, however, will be on the inflation expectations components that have gained particular relevance in the Fed's reaction function. At 2.3%, 5-10y inflation expectations remain stuck at all-time lows and continue to be an ongoing concern for the Fed.”