CNBC's Rick Santelli breaks down the latest economic data to cross the tape.

The University of Michigan's preliminary consumer sentiment index for August registered at 58.6, falling short of the estimated 62.5 and marking the lowest level since May. Current conditions and expectations components also declined, with both reaching their weakest points since earlier in the year. 

Inflation expectations increased, with the one-year outlook rising to 4.9% and the five-to-ten-year outlook reaching 3.9%, both higher than previous readings and forecasts. Business inventories for June rose as anticipated, and interest rates remained largely unchanged over the week, reflecting a stable market environment.

Consumer sentiment comes in at 58.6 vs. 62.5 estimated

But first, breaking economic data just crossing, Rick Santelli has that for us. Hey, Rick. Yes, let's start out with University of Michigan sentiment. Now, these are August preliminary numbers, so they'll change in a couple weeks. I'll tell you right off the bat, they're sequentially lower. We're expecting a headline number around 62. Our last final month read was 61.7. 58.6. 58.6. That's the weakest since May when it was 52.2. And April when it was 52.2. Now if we look at current conditions, 60.9. Our last look was 68. 60.9, also the weakest since May. You remember, April-May had some very low reads. These are surveys. They get affected by a lot of things. Now if we look at expectations, what lies ahead? This is the closest to the rearview mirror, 57.2. 57.7 was our last month July final read. Now we're expecting a number around 58 and change. 57.2, that would be the weakest also since May when it was well below that at 47.9. Maybe the most important aspect of these is the inflation numbers. They're coming back to a reality. On the one year, 4.9% follows 4.5%. 4.9 would be, well, the lowest since 4.3 in February. We had a read in May of 6.6%. Finally, 5 to 10 year inflation, 3.9. Both these inflation numbers are higher than expectations. Both of these inflation numbers are higher than rearview mirror. 3.9% follows 3.4%. 3.9, well, 3.5 was in February, which was 3.5. The high watermark there was April at 4.4. Now we also have business inventories. This is a June number, always two months in arrears, expecting up two-tenths. It delivered exactly up two-tenths. If we look at interest rates, Carl said it. You know, basically, it is a very, very, very well-behaved market if you don't look at the volatility of Tuesday and Thursday. Just look at from last Friday. Right now at 4.29, well, we closed at 4.28 last week in 10. So they're up one basis point basically. And 3.72 right now, 3.71 change, 3.72, that's down five on the week, virtually unchanged on a two-year. So, yes, we've seen very well-behaved, and Fed Fund futures also very well-behaved. Carl, back to you, and have a good weekend. You too, Rick. Thanks for some stellar work all week long, Rick Santelli.

U.S. President Donald Trump and Russia's Vladimir Putin have arrived in Alaska ahead of their high stakes talks on Ukraine. The expected one-on-one meeting between Trump and Putin has expanded to include U.S. officials Steve Witkoff and Marco Rubio and other Russian officials.

Ukraine Invasion

Trump, Putin arrive in Alaska for historic summit

Israel's far-right finance minister approved the construction of a controversial new settlement in the West Bank, saying it "finally buries the idea of a Palestinian state." But it's unclear if this move will actually go through. Rights groups swiftly condemned the plan.

Jerusalem

Middle East Conflict

Israeli finance minister approves new West Bank settlement

U.S. President Donald Trump indicated in an interview that he hoped to push Russian President Vladimir Putin toward a second meeting but acknowledged there was a chance Friday’s meeting would not succeed.

Washington

Trump shifts tone, confident on deal to end Ukraine war

Israeli Finance Minister Bezalei Smotrich said a plan to add more than 3,000 homes to a controversial settlement in the West Bank would bury ‘the idea of a Palestinian state.’

Israel furthers plan for settlement that divides the West Bank

Ukrainian President Volodymyr Zelenskyy met with British Prime Minister Keir Starmer in London. This comes one day before U.S. President Donald Trump is set to meet with Russian President Vladimir Putin in Alaska to discuss a possible ceasefire in Ukraine.

London

Zelenskyy, Starmer meet ahead of Trump, Putin summit in Alaska

Speaking in the Oval Office on Thursday, President Trump sounded optimistic about his upcoming summit with Russian President Vladimir Putin in Alaska.

Trump says he thinks Putin and Zelenskyy will make peace

Florida Gov. Ron DeSantis has announced plans to build another immigrant detention center, dubbing it the "Deportation Depot." The facility will be in North Florida.

Jacksonville

DeSantis announces plan to build another immigrant detention center

President Trump had a virtual call Wednesday with Ukrainian President Volodymyr Zelenskyy ahead of his meeting with Russian President Vladimir Putin on Friday in Alaska. After the call, Zelenskyy said he told Mr. Trump that "Putin is bluffing."

Ukraine's Zelenskyy warns President Trump ahead of meeting with Putin

U.S. President Donald Trump said he would ask the Republican-controlled Congress to extend federal control of Washington's city police force beyond 30 days, escalating his campaign to exert presidential power over the nation's capital.

Trump wants to extend federal control over Washington police

With just hours left to reach a deal on plastics, negotiators in Geneva were scrambling to resolve a deadlock caused by “red lines” of member countries. Nations are crafting the first global, legally binding treaty on plastics pollution at the United Nations office in Switzerland.

Geneva

Global plastics treaty talks in Geneva stall as deadline looms

At least 123 people have been killed in 24 hours, according to Gaza's Health Ministry. Israeli Prime Minister Benjamin Netanyahu says people will be given the opportunity to leave Gaza before a planned ground offensive, but no one is being pushed out.

Israeli strikes pound Gaza ahead of planned ground offensive

America's NATO allies stood firmly with Ukrainian President Volodymyr Zelenskyy ahead of the face-to-face meeting between President Trump and Russian President Vladimir Putin in Alaska. The European leaders showed a united front that there should be no peace deal without Ukraine's involvement.

Kyiv

NATO allies stand with Ukraine ahead of Trump-Putin summit

U.S. Immigration and Customs Enforcement must improve conditions for detainees at New York's 26 Federal Plaza, a judge ruled Tuesday.

New York

Judge rules ICE must improve conditions for detainees at NY facility

National Guard troops arrived in Washington, D.C., following President Donald Trump's deployment and federalization of local police to crack down on crime in the nation's capital.

National Guard troops arrive in Washington, D.C.

U.S. President Donald Trump said that he had a "very good call" with Ukrainian President Volodymyr Zelenskyy, days before his scheduled Alaska meeting with Russian President Vladimir Putin.

Trump had 'very good call' with Zelenskyy ahead of Putin meeting

Israel's military chief of staff, Lt. Gen. Eyal Zamir, has approved the framework of a plan for a new offensive in Gaza. CBS News Middle East reporter Courtney Kealy has more details.

Israeli military chief approves 'framework' for new Gaza offensive

President Donald Trump said Wednesday there will be “very severe consequences” if Russian President Vladimir Putin doesn’t agree to stop the Ukraine war after Friday’s summit.

Trump warns of 'severe consequences' if Russia doesn't stop war

A Wisconsin woman on Tuesday was found guilty in the United Kingdom of trying to kill a man at point-blank range in 2019. Aimee Betro, 45, was part of a plot with two other co-conspirators to murder Sikander Ali, prosecutors said.

Birmingham

American woman found guilty of UK murder-for-hire plot

Record-high temperatures across Europe are fanning wildfires across the continent. Experts say a warming climate and an increase in flammable vegetation from rural depopulation are major factors.

Madrid

Historic heat fuels fires across Europe

Hungary's PM Viktor Orbán said the EU attempts to set conditions for a meeting to which leaders of the EU were not invited. He also called for an EU-Russia summit.

Brussels

EU leaders rally behind Ukraine ahead of Trump-Putin talks

President Trump said Monday he expects that Russia and Ukraine will "land swap" certain territories as part of an eventual ceasefire deal. Mr. Trump is set to meet with Russian President Vladimir Putin in Alaska on Friday.

Trump claims 'land swapping' between Russia, Ukraine will happen

Taylor Swift confirmed her 12th studio album, "The Life of a Showgirl," in a teaser for her upcoming appearance on her boyfriend Travis Kelce's podcast. Swift did not disclose the release date of the album.

Taylor Swift announces new album, 'The Life of a Showgirl'

U.S. President Donald Trump said that his planned meeting with Russian President Vladimir Putin in Alaska on Friday will be to "feel out" the leader as pressure mounts for Russia and Ukraine to make a peace deal.

Trump to meet with Putin in Alaska on Friday

A meeting between US President Donald Trump and Russian President Vladimir Putin is set to take place in Alaska, with European leaders notably excluded from the talks. Until Europe can defend itself, it's not likely to be invited to a great power dialogue, experts have told Euronews.

Alaska

Europe frozen out as U.S. and Russia prepare for Alaska talks

U.S. President Donald Trump said on Monday that Kyiv and Moscow will both have to cede land to end the war in Ukraine and talks with Russian President Vladimir Putin this week will instantly show whether the Kremlin leader is willing to make a deal.

Breakdown