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Consumer expectations for inflation fell sharply in August from the previous month, according to a monthly Federal Reserve Bank of New York survey of consumers, good news for Fed officials on guard against price expectations de-anchoring.
Median one-year ahead inflation expectations fell to 5.7% from 6.2%, while the three-year ahead measure dropped to 2.8% from 3.2%, levels last seen before the pandemic, according to the survey. Respondents also disagreed more about the future path of inflation a year ahead and showed more certainty at the three-year horizon.
Median five-year ahead inflation expectations also declined, falling to 2.0% from 2.3% a month earlier. Expectations of home prices declined sharply by 1.4 pps to 2.1%, below pre-pandemic levels and the lowest reading since July 2020.
"Consumers were more optimistic about their future household income and financial situations," the New York Fed said.
Source: New York Fed
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.