NY Fed survey reports rising near-term inflation expectations in June
One-year inflation expectations rose to 3.7% and three-year expectations to 3.3%, while five-year expectations held at 3%, the New York Fed said.
- Americans' expectations for inflation over the next year rose to 3.7% in June from 3.5% in May, according to a New York Fed survey released on Tuesday.
- Middle East conflict drove energy prices higher, putting upward pressure on inflation readings that had already exceeded the Fed's 2% target before moderating gasoline concerns emerged.
- Survey results show Americans upgraded their outlook on the labor market and personal finances, though they anticipate higher costs for medical care and rent.
- Policymakers held interest rates between 3.5% and 3.75% in June, while five-year inflation expectations remained steady at 3%, suggesting longer-term price stability.
- New York Fed President John Williams said on Tuesday that "inflation is still too high," yet expressed optimism about near-term energy price declines ahead.
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Beatrice Daily Sun
Report: Consumers worried about inflation
U.S. consumers grew more concerned about near-term inflation pressures in June even as their worries about gasoline prices eased and were more upbeat about current and future personal finances, a New York Federal Reserve report showed Tuesday.
(New York = Yonhap News) Correspondent Kim Yeon-sook = U.S. consumers' inflation expectations for the next year rose again in June, reaching a 2-year and 9-month high.
The median inflation expectations in the United States for the next 12 months increased 0.2 percentage point in June, to 3.7%, at their highest level since September 2023, according to a survey by the Federal Reserve (Fed) of New York. For three years, expectations also rose 0.2 percentage point, to 3.3%, at the highest level since June 2022. On the five-year horizon, the median remained unchanged by 3%. Exclusive material for subscribers. To ha…
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