Consumer expectations for inflation overall declined at the short-, medium-, and longer-term horizons in May, the Federal Reserve Bank of New York reported Monday. The nationally representative Survey of Consumer Expectations also found that household pessimism about the labor market eased somewhat, while consumer debt delinquency expectations and expectations about household finances improved slightly.
CNBC reported that the New York Fed survey provided some good news for the White House as administration officials are trying to ease worries about tariff-induced inflation. It followed the May 30 report showing that the personal consumption expenditures price index increased just 0.1% month-over-month in April and 2.1% year-over-year.
“By every measure of inflation, it’s down by more than it’s been in more than four years,” National Economic Council director Kevin Hassett said Monday morning on CNBC’s “Squawk Box.”
The latest Chief Executive Group survey found that less than 30% of CEOs surveyed forecast a recession, down from 46% in May and 62% in April, reported CNBC.
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