US Consumers' Near-Term Inflation Expectations Rise in June, New York Fed Reports

The New York Federal Reserve's Survey of Consumer Expectations for June indicates that near-term inflation expectations have risen to 3.1%. Longer-term expectations, for five years from now, remained stable at 3%. The Personal Consumption Expenditures (PCE) Price Index increased by 4.1% year-over-year in May. New York Fed President John Williams stated in a television interview earlier today that "Inflation is still too high," while acknowledging a more positive near-term outlook due to recent energy price declines.