Overview
- In the April Survey of Consumer Expectations, households put one-year inflation at 3.6%, while three- and five-year views held at 3.1% and 3.0%.
- Expectations for gasoline prices over the next year fell sharply to 5.1% from 9.4% in March, easing one prominent cost concern for drivers.
- Respondents reported tighter access to credit and projected higher unemployment a year from now, signaling growing strain on household finances.
- Measured inflation ran at 3.5% year over year in March on the Fed’s preferred PCE gauge, up from 2.8% in February and still above the 2% target.
- New York Fed data show supply chain disruptions rising again, and some Fed officials say rate increases may need consideration even as John Williams says long-run expectations are anchored.