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US consumers' near-term inflation expectations fell last month to the lowest level in two years as their outlook for personal finances and credit conditions worsened, according to a Federal Reserve Bank of New York survey.
Median one-year-ahead inflation expectations declined by 0.3 percentage point to 4.1%, the lowest reading since May 2021. Expectations for inflation three years ahead and five years ahead each increased slightly, by 0.1 percentage point, to 3.0% and 2.7%, respectively, according to the New York Fed's monthly Survey of Consumer Expectations.
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