Consumer sentiment rose in June from a historic low in May, according to the University of Michigan’s Survey of Consumers. The index rose to 49.5 from 44.8 in May, which was the lowest report since the survey began in November 1952.

The survey’s inflation expectation declined from 4.8 percent expected next year in May to 4.6 percent in June, still indicating elevated inflation expectations in the general public. Five-year inflation expectations remain elevated at 3.3 percent, above the Federal Reserve’s 2 percent target and projections of 2.5 percent next year. 

The partial rebound in consumer sentiment coincides with the Trump Administration’s signing of a memorandum of understanding ending the war in Iran, as well as sanctions relief being granted for Iranian oil.