Gasoline prices in the United States are nearing 2022 peaks, driving household inflation expectations upward. The New York Fed's Survey of Consumer Expectations reveals heightened near-term and medium-term inflation forecasts, with gasoline price expectations hitting their highest level since March 2022. Long-term inflation views remain steady.
Labor market optimism contrasts with growing concerns over job losses and unemployment. Household spending and income growth projections show stability. The survey, conducted between March 2 and March 31, precedes Friday's critical Consumer Price Index report, which will test these sentiment trends against hard data.
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