Americans’ overall views on inflation were little changed in August, even as they predicted rising price increases for things like rent, homes and food, while downgrading their views of their personal financial situations, the New York Fed reported Monday.
The bank said in its Consumer Sentiment Survey for August that respondents see inflation a year from now at 3.6%, up from July’s 3.5%, while they project inflation three years from now to hit 2.8% versus 2.9% in July. Five years from now respondents see inflation at 3% from July’s 2.9%.
At the same time, survey respondents were more downbeat about access to credit and their current and future financial positions. They predicted future household income would rise by 2.9% in August, the weakest reading since July 2021, from July’s 3.2%. The New York Fed survey arrives as the Fed moves toward its next rate-setting Federal Open Market Committee meeting, scheduled for September 19-20. After its quarter percentage point rate increase at the end of July the Fed is expected to hold its overnight target rate range steady at between 5.25% and 5.5%.due to mounting evidence that the high inflation that caused them to raise rates aggressively is finally moving back to the 2% target.
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