According to New York Fed’s survey of consumer expectations, median one-year-ahead inflation expectations rose from 6.6% to 6.8% in June, hitting a new series high. However, three-year ahead inflation expectations dropped from 3.9% to 3.6%.
Median expected one-year-ahead change in home prices dropped sharply from 5.8% to 4.4%. Median year-ahead household spending growth expectations retreated from a series high in May, declining -0.6% point to 8.4%.
New York Fed added, “households’ assessments of their current financial situation deteriorated in June as more respondents reported being financially worse off than they were a year ago.”
