The latest survey from the New York Fed shows that U.S. one-year inflation expectations fell to 3.46% in May, down from the previous value of 3.64%.

May three-year inflation expectations remained steady at 3.1%, and five-year inflation expectations remained steady at 3%. Household financial outlook in May hit its worst level since 2022. Unemployment expectations rose in May, while job-seeking expectations declined. The anticipated quit rate in May reached its highest level since February 2023. Expectations for house price increases in May reached their highest level since July 2022.