The May survey shows that household inflation expectations declined at the one-year-ahead horizon and dropped noticeably at the three-year-ahead horizon. Expectations for home prices continued to edge up. The outlook of consumers in several other areas showed few signs of optimism—spending growth expectations remained at their series low and perceived current and expected future financial situations worsened from the previous month.
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Press Release: Consumers’ Inflation Expectations Drop and Spending Growth Expectations Remain Low