NY Fed Survey Sees Inflation Expectations Edge Up Before Tariffs

US consumers’ long-term inflation expectations edged higher in January ahead of tariff announcements by the Trump administration, a monthly Federal Reserve Bank of New York survey showed.

Expected inflation five years ahead rose to 3% last month, the highest since May 2024, according to results of the New York Fed’s Survey of Consumer Expectations published Monday. Expected inflation rates over the next year and three years ahead were both unchanged from December at 3%.