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Inflation Expectations Reach New Low: NY Fed
Consumer expectations for inflation rates a year from now reached a new low with the latest monthly survey from the Federal Reserve Bank of New York. The median level of consumers’ one-year inflation outlook declined 0.2 percentage point to 2.4% in August, the lowest since the New York Fed began the survey in 2013.
The median one-year expected price changes for gas, medical care, a college education and rent all fell in August. Notably, the expectations for increases in medical care and rent expenses both reached new lows.
Also reaching a survey low was consumers’ expectations for home price increases a year from now. The median for August was 2.9%, a drop of 0.1% from July and the first decline in eight months.
The latest New York Fed survey of 1,300 households nationwide also found consumers taking a more bearish view of the outlook for wage increases and job security.
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- ◦Economy
