Americans’ expectations of future inflation hit a record high last month, according to a new report from the Federal Reserve Bank of New York, potentially challenging the central bank’s confidence that inflation pressures will ebb over time.
In its August Survey of Consumer Expectations, the bank said Monday that respondents see inflation a year from now at 5.2%, up from expectations of 4.9% last month. Three years from now, it is expected to be at 4%, up from the 3.7% expected in July. Both readings mark record-high readings for data that goes back to 2013.
