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NY Fed Near Term Inflation Expectations Fall Back Further, Mimicking U.Mich

US DATA
  • U.S. consumers' short-term inflation expectations eased further in December but were unchanged over the medium term and longer-term inflation expectations edged up slightly, according to a New York Fed survey of consumers released Monday.
  • Median inflation expectations for the year-ahead fell 0.2ppt to 5.0%, its lowest reading since July 2021 and helped by gas and food price expectations declining 0.7ppts plus rents -0.2ppts.
  • In contrast, the three-year-ahead measure was unchanged at 5.0% and the five-year-ahead edged up 0.1ppt to 2.4%, the New York Fed said.
  • Both metrics broadly reflect trends seen in the separate U.Mich consumer survey.

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