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NY Fed Medium-Term Inflation Expectations Offer Mixed Take To U.Mich

US DATA
  • NY Fed 1Y inflation expectations for January continued to follow a downward seen in the separate U.Mich survey (before its subsequent small bounce in February likely buoyed by rising gasoline prices).
  • Medium-term measures meanwhile were more mixed, with the 3Y falling 20bps to 2.7% for its lowest since Oct’20 whilst the still relatively new 5Y measure increased 10bp to 2.5% as it continues to pick up off a low of 2% from August.
  • The recent movement in both those medium- to longer-term series is at odds to a particularly stable U.Mich 5-10Y measure, sticking between the 2.9-3.1% range in all but one month since Jul 2021.

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