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New York Federal Reserve poll shows 12-month spending growth expectation quicken to 4.6%.
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U.S. household inflation expectations reached the highest in almost seven years in February, a New York Federal Reserve survey showed Monday.
The median inflation outlook for the next year increased by 0.1 percentage point from January to 3.1%, the highest reading since July 2014. The median three-year outlook for inflation was unchanged from the prior month at 3.0%, holding at an almost three-year high.
Views on how household spending might change over the next year increased to 4.6% in February, after rising to 4.2% in January from 3.4% in December. The current increased reading, the highest since December 2014, was broad-based across age and income groups.
The New York Fed report also showed that median one-year-ahead expected earnings growth increased to 2.2% in February, driven by respondents with more than a high school education. The reading is the highest in a year.
The Fed's survey of consumer expectations is a monthly poll conducted on a rotating panel of 1,300 households.