Economy

Long-term inflation expectations rise, spelling possible trouble for the Fed, survey shows

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Customers shop at a Costco store on August 31, 2023 in Novato, California. According to a report by the Commerce Department, consumer spending rose 0.8% in July beating expectations of 0.7%. (Photo by Justin Sullivan/Getty Images)

Justin Sullivan | Getty Images News | Getty Images

Consumers increasingly doubt the Federal Reserve can achieve its inflation goals anytime soon, according to a survey Monday from the New York Federal Reserve.

While the outlook over the next year was unchanged at 3%, that wasn’t the case for the longer term. At the three-year range, expectations rose 0.3 percentage point to 2.7%, while the five-year outlook jumped even more, up 0.4 percentage point to 2.9%.

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Source cnbc.com

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