Summary: Consumer sentiment, jobless claims, and rig counts were the main sources of economic data this week and all came in soft. While some of the softness was likely noise (fraudulent unemployment insurance applications) and some of it predictable (lower oil prices leads to lower rig counts), the leg down in University of Michigan Consumer Sentiment is surprising. UMich data is lower tier in terms of data quality, but all else equal, one would have expected stronger reading here as news shocks dissipate.

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