Consumer inflation expectations in February declined at the short-term horizon and remained unchanged at the medium- and longer-term horizons, the Federal Reserve Bank of New York reported in its most recent Survey of Consumer Expectations.
Median inflation expectations declined by 0.1 percentage point at the one-year-ahead horizon to 3% and remained steady at the three-year and five-year-ahead horizons at 3%.
The median expected growth in household income remained unchanged at 2.9% in February, according to the New York Fed. Median nominal household spending growth expectations were also unchanged at 4.9%.
Perceptions of credit access compared to a year ago deteriorated slightly, with more respondents reporting it is harder to obtain credit than a year ago. The average perceived probability of missing a minimum debt payment over the next three months decreased by 2.1 percentage points to 16%, its lowest level since February 2024.
