US consumers expect inflation to fall sharply, survey shows
CNN
Americans are expecting inflation to ease in both the short and long run, according to new data from the Federal Reserve Bank of New York.
In August, the median expectations for one- and three-year inflation dropped to 5.7% and 2.8% respectively, down from 6.2% and 3.2% in July, according to the NY Fed's Survey of Consumer Expectations for August, released on Monday morning.
The decline comes amid a continued slump in gas prices. The national average cost for a gallon of gas has dropped to $3.71, down significantly from its June peak of more than $5.
Oil and natural gas prices spiked Thursday, as Iran ramped up strikes on energy infrastructure across the Middle East and attacked one of the world’s most important liquefied natural gas (LNG) facilities in Qatar.
In normal times, the Federal Reserve would more or less ignore an oil price shock like the one we’re in now.
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Fed officials didn’t make any rate moves at their March meeting and released an updated forecast for the path of the American economy as the war in Iran stretches on.
Fed officials are set to announce their latest rate decision Wednesday afternoon, along with a new forecast for the path of the American economy as the war in Iran stretches on.
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Oil prices held steady Wednesday after Iraq clinched a deal to resume some crude exports via Turkey. It’s not a ton of oil, but it’s what amounts for good news these days as the Strait of Hormuz remains largely blocked.
The US-Israeli war with Iran, now stretching into its third week, is dashing hopes that the Federal Reserve will lower interest rates at all this year.
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Attacks on commercial ships in the Middle East this month have all but closed the vital Strait of Hormuz to oil tankers. One of the few alternative routes for oil exports from the region goes through the Red Sea. But now even that lifeline is in danger.
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What could get more expensive because of the war in Iran?