NY Fed finds mixed outlook for inflation expectations in March
© Reuters. The U.S. flag flies outside The Federal Reserve Bank of New York in New York City, U.S., October 12, 2021. REUTERS/Brendan McDermid/File photo -Americans’ outlook for inflation was mixed last month amid expectations for bigger price rises across a range of key goods and services, while worries about missing debt payments mounted, a report from the Federal Reserve Bank of New York said on Monday.
The New York Fed report on what consumers foresee for the economy comes as Fed officials, traders and investors are trying to divine whether unexpectedly sturdy inflation gains at the start of the year mean that last year’s swift retreat in inflation has stalled. In February, the Fed's preferred price pressure index, the personal consumption expenditures price index, was up by 2.5% compared to a year earlier, a higher rate than January's 2.4% year-over-year gain.
Fed officials believe the expected path of inflation greatly influences the actual level of inflation and have been sanguine on the state of projected price increases, which have on balance come down amid the broader retreat in inflation. The New York Fed report said that views on the labor market were mixed last month, with expectations about earnings growth unchanged but respondents more pessimistic about job prospects.
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