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MNI BRIEF: US Near-Term Price Expectations Hit Record - NY Fed

(MNI) Washington
(MNI) Washington

Expectations for near-term inflation spiked and household spending expectations are at a series high, New York Fed survy shows.

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U.S. households’ expectations for the near-term future path of inflation surged back to record levels in May to 6.6% from 6.3% in April, according to the latest New York Fed survey, while expectations at the three-year horizon were unchanged at 3.9%.

The survey also shows household spending expectations over the next year rose to a new series high 9.0% from 8.0% in April, the fifth straight gain. Median expected growth in household income decreased 0.1ppt to 3.0% and the average perceived probability of missing a minimum debt payment over the next three months increased 0.4ppts to 11.1%.

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U.S. households’ expectations for the near-term future path of inflation surged back to record levels in May to 6.6% from 6.3% in April, according to the latest New York Fed survey, while expectations at the three-year horizon were unchanged at 3.9%.

The survey also shows household spending expectations over the next year rose to a new series high 9.0% from 8.0% in April, the fifth straight gain. Median expected growth in household income decreased 0.1ppt to 3.0% and the average perceived probability of missing a minimum debt payment over the next three months increased 0.4ppts to 11.1%.

Keep reading...Show less