A New York Fed survey found the largest-ever monthly drop in the year-ahead expectations for inflation. Expectations of inflation have been a leading indicator for future inflation.
Americans are expecting lower increases in inflation in both the short term and over the longer run, the New York Federal Reserve said in a report Monday.
Three years from now, consumers see inflation running at a 3% rate, down slightly from 3.1% in October.“They matter because actual inflation depends, in part, on what we expect it to be,” economists at the Brookings Institution wrote in a recent report.Fed Chairman Jerome Powell told reporters in May that the central bank “can’t allow inflation expectations to become unanchored.”
The New York Fed survey also showed that Americans are not expecting their homes to continue to appreciate at a fast pace.
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