Rising US Inflation Expectations, Deteriorating Job Prospects Could Deter Fed Rate Move This Month.
According to the New York Fed’s monthly survey, U.S. inflation expectations rose in December, while views on job opportunities hit the lowest level in at least 12.5 years. According to the report, consumers expect prices to rise 3.4% in the next year, up from 3.2% in November.
Consumers’ perceived probability of finding a new job after being unemployed dropped to 43.1%, the lowest level since the bank began conducting consumer expectation surveys in mid-2013.
These data highlight a gap between Fed officials who are more concerned about inflation and those who see a greater risk of rising unemployment. This gap is likely to hinder the Fed’s rate adjustment at its next policy meeting later this month.
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