NY Fed: Median inflation expectations at the one-year horizon were unchanged at 3.0%

The Federal Reserve Bank of New York recently published the findings of it July 2018 Survey of Consumer Expectations with key quotes found below.

• Median inflation expectations at the one-year horizon were unchanged at 3.0%, while they declined by 0.1% at the three-year horizon to 2.9%.
• Median inflation uncertainty—or the uncertainty expressed regarding future inflation outcomes—similarly remained unchanged at the one-year horizon and declined slightly at the three-year horizon.
• Median home price change expectations retreated from a recent high of 3.9% reached in June to 3.7%, remaining well above its trailing 12-month average of 3.4%.
• The median one-year ahead expected gasoline price change decreased from 4.8% in June to 4.6% in July, while expectations for changes in food prices rose from 4.4% to 4.5%.
• Median one-year ahead earnings growth expectations fell from 2.7% in June to 2.4% in July, dropping below its 2.5%-2.7% range since November 2017.