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(MNI) Washington

U.S. households’ expectations for the near-term future path of inflation surged to record levels in March to 6.6% from 6.0% in February, while home price growth expectations also ticked up but expectations about future credit availability deteriorated, according to a New York Fed survey published Monday.

Three years from now, survey respondents see inflation hitting 3.7%, from the prior month’s 3.8% reading, the Fed bank said. The March reading remains under the October 2021 peak of 4.2%. Fed officials have been noting inflation expectations when discussing the path of the fed funds rate, with some staff and former officials expressing concern that expectations are at heightened risk of unmooring.

The New York Fed survey also shows median expected growth in household income fell by 0.2ppt in March to 3.0%, its lowest level since August 2021. However, median year-ahead household spending growth expectations jumped by 1.3ppts to 7.7%, a new series high. Perceptions of households’ year-ahead and current financial situations compared to a year ago deteriorated in March.

Note: New York Fed Survey of Consumer ExpectationsSource: New York Federal Reserve

MNI Washington Bureau | +1 202-371-2121 |
MNI Washington Bureau | +1 202-371-2121 |

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