MNI BRIEF: NY Fed: 1-Yr Inflation Expectations Jump to 6.0%

The New York Fed's median measure of one-year-ahead consumer inflation expectations rose 0.3 ppts to 6.0% in November, as the three-year median expectation declined for the first time since June to 4.0%.

While measures of disagreement across respondents reached new series' highs at both year-ahead and three-year-ahead horizons, the Survey of Consumer Expectations showed median year-ahead expectations increasing for the thirteenth straight month to the highest level since the inception of the survey in 2013. Three-year-ahead median inflation expectations dipped 0.2 ppts to 4.0%, the first decline since June and only the second decline since October 2020, the New York Fed said.

The survey also showed median year-ahead home price expectations decreasing 0.6 ppts to 5.0% and year-ahead rent price expectations edging away from a series high to 10%. Household spending growth expectations for the year ahead jumped 0.3 ppts to 5.7%, a new series high.