[High Prices Continue to Erode Purchasing Power, US Consumer Confidence Remains Weak] According to BlockBeats, a preliminary survey by the University of Michigan on November 6th showed that the US consumer confidence index rose slightly by about 6%. Several areas, including expectations for personal finances and the business environment, improved, but the improvement was mainly concentrated among independent voters. While confidence among low- and middle-wealth consumers rebounded, confidence among high-wealth consumers holding large amounts of stocks actually declined by 5% after recent significant stock market volatility. Furthermore, consumer comments indicated that their concerns about an artificial intelligence bubble are intensifying. However, compared to AI-related concerns, the cost of living remains the most pressing issue for consumers. Approximately 57% of respondents proactively mentioned that high prices have eroded their standard of living, the highest level since May of this year, higher than the 46% before the outbreak of the conflict with Iran in February. Despite the improvement in consumer confidence this month, it is still down 10% compared to February. This survey was conducted between October 20th and November 2nd. In the two months leading up to the midterm elections, more than two-thirds of consumers expected Democrats to win control of the House of Representatives, and more than half of respondents also expected Democrats to win the Senate. Inflation expectations for the next year fell to 4.3% this month from 4.7% last month. While this is the lowest level since August, it is still significantly higher than the 3.4% in February before the Iran conflict and also higher than all readings for 2024. Long-term inflation expectations fell slightly to 3.4% in October from 3.5%, but remain significantly higher than the 2.8% to 3.2% range for 2024.