Deep Dive

Consumer Sentiment

Monthly University of Michigan consumer sentiment index. This captures how households feel about current conditions and the outlook ahead, making it a useful leading read on confidence, spending appetite, and recession sensitivity.

Leading
MonthlyFRED · UMCSENTIndex 1966:Q1=1003M S&P +1.5% · 16 obs

Source: UMCSENT via FRED, Federal Reserve Bank of St. Louis. See the FRED series notes for original source attribution.

Time Series

The range selector drives the backend statistics on the right. The slider below only zooms the chart slice, while fixed-horizon deltas stay anchored to the latest observation.

Level
Latest reading
46.3
Observation
Oct 01, 2026
Release
Oct 09, 2026
Frequency
Monthly
Unit
Index 1966:Q1=100
Last updated
Oct 09, 2026, 02:00 PM
Oct 2021Oct 2026

Showing 61 of 61 points.

Direction & Persistence

Direction stats use the selected 5Y window and persistence shows how sticky that move has been.

Up Prob (5Y)45.8%
CI9533.7% - 58.3%
Comparisons60
Directional Pairs59
Flat Pairs1
Current Streak3 down move
Continuation58.6%
Reversals24
Longest Up5
Longest Down4

Acceleration

Acceleration compares the latest move with the prior move inside the selected window.

StateDecelerating
Latest Move-1.8
Previous Move-3.6
Delta Change+1.8
Delta Change %+50.0%
Comparisons59
Direction PairDown -> Down
Same DirectionYes
Size Ratio0.5x
Magnitude Shift50.0% smaller

Forward Returns After Similar Readings

Compare what index benchmarks did after historical readings with the same regime and quantile setup as today in the selected 5Y window.

Regime: LowQuantile: Bottom 20%

How To Read This

Use this tab for the original question: when old releases looked like today's reading, what happened next?

What counts as a match: It matches old releases by today's regime and quantile, so the comparison stays close to the existing forward-returns view.

Simple example: If today's payrolls are in a normal regime and middle quantile, this tab looks for prior payroll releases that were also normal and middle-range.

Read the card: A 3M avg of +1.2% means the benchmark averaged +1.2% over the next three months after those matching releases.

Current Setup Summary

This release maps to the Low regime and Bottom 20% historical bucket. The cards compare only prior releases with that same setup.

Regime compares the reading with its normal range using z-score bands: extreme low, low, normal, high, or extreme high.

Quantile ranks the reading against history using percentile buckets, such as bottom 20% or top 20%.

  1. Start with the 3M avg: it is the average market return after similar releases.
  2. Use positive cases to see whether that move happened consistently, not just because of a few large outcomes.
  3. Use samples as confidence: more similar cases make the base rate more trustworthy.

Use this to frame risk and upside; it is historical context, not a standalone forecast.

S&P 500 Index

Regime: Low

S&P 500 Index averaged +1.5% over the next 3M; 56.3% of 16 similar cases were positive.

S&P 500 Index

Quantile: Bottom 20%

S&P 500 Index averaged +2.7% over the next 3M; 68.4% of 19 similar cases were positive.

Nasdaq Composite

Regime: Low

Nasdaq Composite averaged +1.0% over the next 3M; 56.3% of 16 similar cases were positive.

Nasdaq Composite

Quantile: Bottom 20%

Nasdaq Composite averaged +3.3% over the next 3M; 63.2% of 19 similar cases were positive.

Calculation Method
  1. Start from each macro release date, then use the first market close available on or after that release.
  2. Classify the macro reading two ways: regime uses z-score distance from normal, while quantile uses historical percentile rank.
  3. Measure forward returns over 5D, 1M, 3M, 6M, and 12M using 5, 21, 63, 126, and 252 trading days.
  4. Forward return equals end close minus start close, divided by start close, multiplied by 100.
  5. For each matching bucket, aggregate mean, median, positive cases, standard deviation, worst drawdown, and sample count. Incomplete windows are skipped.

Example Calculation

If a matching macro release starts from an S&P 500 close of 5,000 and the 3M close is 5,250, the forward return is (5,250 - 5,000) / 5,000 * 100 = +5.0%.

If 22 of 26 matching 3M windows are above 0%, positive cases are 22 / 26 = 84.6%.

S&P 500 Index

Latest close Oct 22, 2026

Regime

Low

Current

3M avg

+1.5%

Positive cases

56.3%

Samples

16

1M avg

+1.3%

12M avg

+5.7%

Worst 3M drawdown

-20.8%

Quantile

Bottom 20%

Current

3M avg

+2.7%

Positive cases

68.4%

Samples

19

1M avg

+1.0%

12M avg

+11.0%

Worst 3M drawdown

-20.8%

Full Regime + Quantile Stats

This expands every historical bucket, not just the current one. Use it to compare today's setup against other macro states; the current bucket is marked.

Avg return

Mean market return after matching releases.

Median

Typical case, less sensitive to outliers.

Positive

Share of cases above 0%; tiny samples show counts.

Score

Shown under each bucket name: z-score for regimes, percentile for quantiles.

Volatility

Standard deviation of forward returns; needs at least two samples.

Worst DD

Worst intra-window drawdown among matching cases.

Samples

Number of complete historical windows.

Regime Stats

BucketHorizonAvgMedianPositiveVolatilityWorst DDSamples
RegimeExtreme LowZ-score: -2.26 to -2.115D-0.3%-0.3%1/22.0%-3.2%2
1M-0.7%-0.7%1/20.9%-4.5%2
3M-1.6%-1.6%1/24.0%-14.2%2
6M-2.3%-2.3%0/1Too few samples-16.9%1
12M+11.9%+11.9%1/1Too few samples-16.9%1
RegimeLowZ-score: -1.90 to -1.00Current5D+0.2%+0.7%68.4%2.7%-10.5%19
1M+1.3%+1.2%58.8%5.0%-12.2%17
3M+1.5%+3.1%56.3%8.8%-20.8%16
6M+3.3%+1.2%50.0%13.2%-21.1%14
12M+5.7%+5.7%60.0%15.9%-25.4%10
RegimeNormalZ-score: -0.99 to +0.895D+0.3%+0.2%54.8%1.9%-4.6%31
1M+0.8%+1.2%67.7%4.2%-11.3%31
3M+4.4%+4.8%73.3%5.6%-18.9%30
6M+6.9%+7.4%76.7%8.2%-23.6%30
12M+18.1%+18.0%92.9%10.9%-25.4%28
RegimeHighZ-score: +1.18 to +1.965D-0.0%-0.3%33.3%1.4%-2.4%6
1M+0.8%+2.1%66.7%2.9%-5.4%6
3M+1.6%+3.1%66.7%6.5%-10.1%6
6M+10.9%+11.9%100.0%4.3%-18.9%6
12M+18.9%+17.8%100.0%6.7%-18.9%6
RegimeExtreme HighZ-score: +2.11 to +2.485D+0.2%+0.2%1/21.2%-2.0%2
1M-0.1%-0.1%1/22.5%-5.5%2
3M+3.7%+3.7%2/20.3%-5.5%2
6M+6.9%+6.9%2/22.3%-8.5%2
12M+14.7%+14.7%2/27.5%-10.1%2

Quantile Stats

BucketHorizonAvgMedianPositiveVolatilityWorst DDSamples
QuantileBottom 20%Percentile: 1.8% to 20.0%Current5D+0.2%+0.5%68.2%2.5%-10.5%22
1M+1.0%+0.6%55.0%4.8%-12.2%20
3M+2.7%+3.6%68.4%7.9%-20.8%19
6M+5.5%+6.4%62.5%11.4%-21.1%16
12M+11.0%+13.7%80.0%13.6%-22.8%10
Quantile20-40%Percentile: 21.4% to 35.0%5D+1.1%+1.4%83.3%2.1%-3.3%6
1M-0.3%+2.7%66.7%5.2%-11.3%6
3M+4.1%+5.4%60.0%4.3%-13.0%5
6M+6.9%+8.2%80.0%5.3%-13.0%5
12M+18.9%+21.5%100.0%5.9%-13.0%5
Quantile40-60%Percentile: 41.5% to 56.0%5D+0.1%-0.2%33.3%2.4%-4.6%9
1M+3.2%+2.9%88.9%4.2%-9.3%9
3M+6.4%+6.4%77.8%6.2%-17.1%9
6M+10.1%+11.1%88.9%7.7%-17.1%9
12M+20.0%+18.0%88.9%11.9%-18.9%9
Quantile60-80%Percentile: 63.2% to 76.5%5D+0.0%-0.4%42.9%1.8%-4.2%7
1M+0.8%+0.9%71.4%1.8%-5.0%7
3M+4.5%+5.1%85.7%3.9%-8.5%7
6M+7.9%+9.3%85.7%4.8%-10.3%7
12M+19.2%+20.8%100.0%5.4%-18.9%7
QuantileTop 20%Percentile: 80.6% to 100.0%5D-0.0%-0.2%46.2%1.2%-2.4%13
1M+0.4%+1.3%61.5%2.7%-5.9%13
3M+1.9%+3.5%69.2%6.2%-18.9%13
6M+7.6%+7.5%76.9%7.3%-18.9%13
12M+18.5%+17.0%100.0%7.1%-18.9%13

Nasdaq Composite

Latest close Oct 22, 2026

Regime

Low

Current

3M avg

+1.0%

Positive cases

56.3%

Samples

16

1M avg

+1.9%

12M avg

+7.1%

Worst 3M drawdown

-27.2%

Quantile

Bottom 20%

Current

3M avg

+3.3%

Positive cases

63.2%

Samples

19

1M avg

+1.5%

12M avg

+15.4%

Worst 3M drawdown

-27.2%

Full Regime + Quantile Stats

This expands every historical bucket, not just the current one. Use it to compare today's setup against other macro states; the current bucket is marked.

Avg return

Mean market return after matching releases.

Median

Typical case, less sensitive to outliers.

Positive

Share of cases above 0%; tiny samples show counts.

Score

Shown under each bucket name: z-score for regimes, percentile for quantiles.

Volatility

Standard deviation of forward returns; needs at least two samples.

Worst DD

Worst intra-window drawdown among matching cases.

Samples

Number of complete historical windows.

Regime Stats

BucketHorizonAvgMedianPositiveVolatilityWorst DDSamples
RegimeExtreme LowZ-score: -2.26 to -2.115D-0.7%-0.7%1/23.5%-5.0%2
1M-1.8%-1.8%0/21.5%-7.1%2
3M-3.9%-3.9%0/22.5%-17.2%2
6M-9.7%-9.7%0/1Too few samples-21.4%1
12M+16.8%+16.8%1/1Too few samples-22.2%1
RegimeLowZ-score: -1.90 to -1.00Current5D+0.5%+1.1%73.7%3.4%-11.4%19
1M+1.9%+0.8%64.7%6.7%-14.6%17
3M+1.0%+1.5%56.3%12.8%-27.2%16
6M+3.8%-0.6%50.0%19.5%-29.0%14
12M+7.1%+11.0%60.0%24.3%-35.0%10
RegimeNormalZ-score: -0.99 to +0.895D+0.2%-0.1%48.4%2.8%-6.8%31
1M+0.8%+2.5%58.1%5.7%-14.7%31
3M+5.6%+5.8%76.7%8.1%-23.9%30
6M+9.0%+9.9%83.3%11.3%-32.9%30
12M+23.9%+25.9%92.9%14.9%-35.0%28
RegimeHighZ-score: +1.18 to +1.965D-0.2%-0.8%33.3%2.0%-3.0%6
1M+0.6%+0.9%50.0%3.9%-7.4%6
3M+0.8%+3.8%66.7%8.2%-13.7%6
6M+12.3%+12.7%100.0%5.7%-23.9%6
12M+21.4%+20.2%100.0%8.5%-24.3%6
RegimeExtreme HighZ-score: +2.11 to +2.485D+0.8%+0.8%1/21.6%-2.1%2
1M-0.2%-0.2%1/22.2%-7.1%2
3M+5.8%+5.8%2/22.4%-7.1%2
6M+7.1%+7.1%2/23.5%-13.1%2
12M+16.3%+16.3%2/29.7%-14.2%2

Quantile Stats

BucketHorizonAvgMedianPositiveVolatilityWorst DDSamples
QuantileBottom 20%Percentile: 1.8% to 20.0%Current5D+0.4%+0.9%68.2%3.3%-11.4%22
1M+1.5%+0.7%55.0%6.5%-14.6%20
3M+3.3%+3.9%63.2%11.5%-27.2%19
6M+6.6%+6.2%62.5%16.6%-27.2%16
12M+15.4%+18.0%80.0%19.2%-30.1%10
Quantile20-40%Percentile: 21.4% to 35.0%5D+1.5%+1.9%83.3%3.0%-4.2%6
1M-0.3%+3.5%66.7%6.2%-11.9%6
3M+5.0%+5.6%80.0%7.6%-15.9%5
6M+9.9%+14.2%80.0%8.1%-16.7%5
12M+25.9%+28.7%100.0%5.7%-16.7%5
Quantile40-60%Percentile: 41.5% to 56.0%5D-1.0%-1.1%22.2%3.2%-6.8%9
1M+2.5%+2.1%55.6%5.8%-13.1%9
3M+7.3%+6.1%77.8%7.8%-21.8%9
6M+13.2%+13.7%88.9%10.5%-21.8%9
12M+26.0%+23.5%88.9%14.5%-24.3%9
Quantile60-80%Percentile: 63.2% to 76.5%5D+0.5%+0.1%57.1%2.7%-5.8%7
1M+2.1%+3.3%71.4%3.3%-8.0%7
3M+6.5%+5.2%85.7%6.3%-13.1%7
6M+11.9%+11.2%100.0%6.8%-13.1%7
12M+26.3%+28.1%100.0%9.2%-24.3%7
QuantileTop 20%Percentile: 80.6% to 100.0%5D+0.1%-0.4%46.2%1.8%-3.3%13
1M+0.5%+2.0%53.8%3.7%-7.8%13
3M+2.3%+4.9%69.2%8.3%-23.9%13
6M+8.4%+8.8%84.6%8.5%-24.3%13
12M+22.5%+22.2%100.0%8.5%-24.3%13

Macro Release Event Study

Measure S&P 500 and Nasdaq behavior immediately before, on, and after genuine macro release dates in the selected 5Y window.

61 releases61 revision matches

Each card groups releases by one feature of the stored selected-metric history. It does not reconstruct every historical first print.

Events count releases assigned to the bucket.

Samples count releases with enough market history to complete that particular window.

Alignment uses the first market session on or after the release date.

Direction

Up, down, or flat versus the previous stored metric reading.

Magnitude

Small, medium, or large absolute changes within the selected range.

Regime

Low, normal, high, or extreme z-score backdrops.

Revisions

First published base actuals later revised up, down, or unchanged.

How To Read This

Use this tab to compare market behavior after releases where the indicator rose, fell, or stayed flat versus the prior release.

What counts as a match: It only looks at the selected metric's release-to-release direction. It does not decide whether the release was good news or bad news.

Simple example: If payrolls were 180k last month and 230k this month, this release goes in Up. If the next release is 150k, that release goes in Down.

Read the card: An Up card with Post 1M avg +2.0% means the benchmark averaged +2.0% one month after releases where the indicator increased from the prior release.

S&P 500 Index

Latest close Oct 22, 2026

Direction

Up

27 events

Pre 1D

+0.5%

66.7% positive · 27 samples

Event 1D

+0.1%

70.4% positive · 27 samples

Post 5D

+0.1%

51.9% positive · 27 samples

Post 1M

+0.4%

70.4% positive · 27 samples

All Windows
WindowAvgMedianPositiveSamples
Pre 5D-0.2%-0.0%48.1%27
Pre 1D+0.5%+0.5%66.7%27
Event 1D+0.1%+0.5%70.4%27
Post 5D+0.1%+0.2%51.9%27
Post 1M+0.4%+1.2%70.4%27
Post 3M+2.4%+3.8%65.4%26
Post 6M+4.9%+7.2%68.0%25
Post 12M+15.8%+18.3%90.9%22

Direction

Down

32 events

Pre 1D

+0.1%

53.1% positive · 32 samples

Event 1D

+0.5%

71.9% positive · 32 samples

Post 5D

+0.3%

59.4% positive · 32 samples

Post 1M

+1.1%

56.7% positive · 30 samples

All Windows
WindowAvgMedianPositiveSamples
Pre 5D+0.2%+0.2%62.5%32
Pre 1D+0.1%+0.1%53.1%32
Event 1D+0.5%+0.6%71.9%32
Post 5D+0.3%+0.4%59.4%32
Post 1M+1.1%+0.8%56.7%30
Post 3M+3.4%+4.3%69.0%29
Post 6M+7.0%+8.2%74.1%27
Post 12M+14.2%+14.5%83.3%24

Direction

Flat

1 events

Pre 1D

+0.4%

1/1 positive · 1 samples

Event 1D

-0.0%

0/1 positive · 1 samples

Post 5D

+1.5%

1/1 positive · 1 samples

Post 1M

+4.8%

1/1 positive · 1 samples

All Windows
WindowAvgMedianPositiveSamples
Pre 5D+1.2%+1.2%1/11
Pre 1D+0.4%+0.4%1/11
Event 1D-0.0%-0.0%0/11
Post 5D+1.5%+1.5%1/11
Post 1M+4.8%+4.8%1/11
Post 3M+9.3%+9.3%1/11
Post 6M+15.9%+15.9%1/11
Post 12M+28.7%+28.7%1/11

Nasdaq Composite

Latest close Oct 22, 2026

Direction

Up

27 events

Pre 1D

+0.5%

63.0% positive · 27 samples

Event 1D

+0.2%

70.4% positive · 27 samples

Post 5D

+0.0%

48.1% positive · 27 samples

Post 1M

+0.4%

59.3% positive · 27 samples

All Windows
WindowAvgMedianPositiveSamples
Pre 5D-0.4%-0.3%37.0%27
Pre 1D+0.5%+0.7%63.0%27
Event 1D+0.2%+0.6%70.4%27
Post 5D+0.0%-0.1%48.1%27
Post 1M+0.4%+2.0%59.3%27
Post 3M+3.2%+5.4%65.4%26
Post 6M+6.4%+8.8%76.0%25
Post 12M+21.6%+24.5%90.9%22

Direction

Down

32 events

Pre 1D

+0.2%

53.1% positive · 32 samples

Event 1D

+0.6%

75.0% positive · 32 samples

Post 5D

+0.3%

59.4% positive · 32 samples

Post 1M

+1.3%

53.3% positive · 30 samples

All Windows
WindowAvgMedianPositiveSamples
Pre 5D+0.2%+0.7%65.6%32
Pre 1D+0.2%+0.0%53.1%32
Event 1D+0.6%+0.8%75.0%32
Post 5D+0.3%+0.9%59.4%32
Post 1M+1.3%+0.5%53.3%30
Post 3M+3.5%+3.9%69.0%29
Post 6M+8.2%+10.1%74.1%27
Post 12M+16.6%+19.3%83.3%24

Direction

Flat

1 events

Pre 1D

+0.4%

1/1 positive · 1 samples

Event 1D

-0.3%

0/1 positive · 1 samples

Post 5D

+2.2%

1/1 positive · 1 samples

Post 1M

+5.7%

1/1 positive · 1 samples

All Windows
WindowAvgMedianPositiveSamples
Pre 5D+1.6%+1.6%1/11
Pre 1D+0.4%+0.4%1/11
Event 1D-0.3%-0.3%0/11
Post 5D+2.2%+2.2%1/11
Post 1M+5.7%+5.7%1/11
Post 3M+12.3%+12.3%1/11
Post 6M+22.2%+22.2%1/11
Post 12M+41.8%+41.8%1/11