#626 - Inflation expectations surge, hitting new high for New York Fed survey

Despite the Federal Reserve’s assurance that current inflation pressures won’t last, consumers see things differently, according to a survey Monday from the central bank’s New York district.

The June Survey of Consumer Expectations showed that median inflation expectations over the next 12 months jumped to 4.8%, a 0.8 percentage point rise from May and the highest reading in history for a series that goes back to 2013.

While the outlook for the next three years remained unchanged at 3.6%, that is still well above the 2% level that the Fed considers healthy for a growing economy.

Central bank officials have been insistent that the recent inflation spike won’t last. They projected at their June meeting that their preferred gauge would show a 3% gain in 2021 but then recede to 2.1% in subsequent years and settle around the target range thereafter.

Join your host Sean Reynolds, owner of Summit Properties NW and Reynolds & Kline Appraisal as he takes a look at this developing topic.

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