The University of Michigan’s survey on Friday also showed consumers’ long-term inflation expectations jumping this month to their highest reading since 2011, bad news for the Federal Reserve after it signaled last week that it could pause the U.S. central bank’s fastest monetary policy tightening cycle since the 1980s.”This report has a bit of a stagflationary feel about it,” said Conrad DeQuadros, senior economic advisor at Brean Capital in New York. “This increase in inflation expectations is likely to add to a spirited discussion about whether to hold or hike again at the June 14 meeting.”

The survey’s preliminary reading on the overall index of consumer sentiment came in at 57.7 this month, the lowest reading since last November and down from 63.5 in April.Economists polled by…