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U.S. consumers said last month they expected slightly lower inflation in a year's time and over the next five years, the New York Federal Reserve said in a report.
The Fed bank's October Survey of Consumer Expectations reported the median respondent sees inflation one year from now at 3.6%, down a tenth from the prior month. Excluding July, it is the lowest year-ahead reading since April 2021. At the five-year-ahead horizon the median respondent's inflation expectation dipped a tenth to 2.7%, the lowest since April this year. The three-year-ahead expectation was unchanged at 3.0%.
"Labor market expectations and household expectations of future income and spending growth were largely stable," the New York Fed said. Median expected growth in household income increased by 0.1 percentage point to 3.1%in October, remaining above the series February 2020 pre-pandemic level of 2.7%.
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.