The University of Michigan's preliminary index of consumer sentiment for February increased to 95.5 (Briefing.com consensus 94.0) from the final reading of 91.2 for January, as attitudes improved with the end of the partial government shutdown and the Federal Reserve hitting the pause button on its interest rate hikes.

The Current Economic Conditions Index increased to 110.0 from 108.8.

The Index of Consumer Expectations increased to 86.2 from 79.9.

The key takeaway from the report is the indication that consumers' long-term inflation expectations fell to the lowest level recorded in the past half century, which is a vantage point that is certain to register in the Federal Reserve's willingness to be patient-minded with its policy approach.