The New York Fed’s October consumer survey reported that median 1 year inflation expectations rose to 3.91%, surpassing the 3.79% forecast and the previous reading of 3.90%. The data also showed that households’ expectations of a rising unemployment rate touched their highest level since April 2020.
Median inflation outlooks for the 3 year and 5 year horizons remained steady at 3.3% and 3.0%, respectively. While respondents indicated a more positive outlook for their personal financial situations, the survey noted that inflation expectations for gasoline moderated during the month.
