Median inflation expectations hit a new series high in June, according to a new analysis from the Federal Reserve Bank of New York’s Center for Microeconomic Data.

The New York Fed’s June 2021 Survey of Consumer Expectations showed that median inflation expectations increased 0.8 percentage point at month to 4.8% at the one-year horizon. They are unchanged at 3.6% at the three-year horizon. At the same time, households’ labor market expectations improved, with expectations of unemployment reaching a new low. Year-ahead income and spending growth expectations also continued an upward drive, as did home price growth expectations.

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