Consumers’ near-term inflation expectations fell in May to their lowest level in two years, according to new survey data released Monday by the Federal Reserve Bank of New York. “That is consistent with the theme that inflation is coming down — probably more slowly than many were hoping — but nonetheless, that trend remains lower both from an actual data standpoint and also from a consumer expectation standpoint,” Angelo Kourkafas, an investment strategist with Edward Jones, told CNN.
Since peaking at a 40-year high last June, inflation has cooled considerably but still remains above the Federal Reserve’s target of 2%. The Fed’s preferred inflation gauge, the core Personal Consumption Expenditures price index that excludes energy and food, was up 4.7% for the 12 months ended in April. Since March 2022, the Fed has increased its benchmark interest rate 10 consecutive times.
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