The University of Michigan released its preliminary estimate for consumer confidence for the month of May, where consumer confidence increased to 73.3 from the prior estimate of 72.2, yet it came in slightly below median estimates of 73.5, where the economic conditions index slightly increased to 81.1 from 81.0, while the economic outlook index increased to 68.3 from 66.5.

The 1-year inflation expectations index increased to 3.1% from 2.9%, while the 5-year inflation expectations index increased to 2.9% from 2.7%.