Consumers grew more confident in July that inflation will be less of a problem in the coming years.
The New York Fed's Survey of Consumer Expectations put the three-year inflation outlook at 2.3%, the lowest in a data series going back to June 2013.
Consumers grew more confident in July that inflation will be less of a problem in the coming years, according to a New York Federal Reserve report Monday that showed the three-year outlook at a new low.The latest views from the monthly Survey of Consumer Expectations indicate that respondents see inflation staying elevated over the next year but then receding in the next couple of years after that.
On Wednesday, the Labor Department will release its own monthly inflation reading, the consumer price index, which is expected to show an increase of 0.2% in July and an annual rate of 3%, Dow Jones estimates show. That's still a full percentage point away from the Fed's 2% goal but about one-third of where it was two years ago.rate cut in September and a strong likelihood that the Fed will lower by a full percentage point by the end of the year.
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