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U.S. consumers' views of five-year-ahead inflation expectations have edged up only modestly to 3.16% in August from 3.00% in July 2019, suggesting long-run price expectations are as well anchored as they were before the start of the pandemic, New York Fed economists said in a blog.

"Our survey results not only suggest that the median long-run inflation expectation of consumers changed little over the past two years, but also that the entire distribution of long-run inflation expectations changed little," they wrote. "Even though the current surge in inflation has affected short- and, to a lesser extent, medium-term inflation expectations, it did not significantly affect the anchoring of long-run inflation expectations."

MNI previously reported that even though consumer views are currently more sensitive to incoming news than at other times, expectations remain anchored.