A widely followed consumer sentiment survey released Friday showed inflation expectations have eased slightly.
The University of Michigan’s Surveys of Consumers said consumers expect inflation to rise at a 5.3% annualized rate as of the end of June. That’s down from a preliminary reading released earlier this month, which showed inflations was expected by consumers to increase at a 5.4% clip.
Federal Reserve Chair Jerome Powell said earlier this month that uptick in consumer inflation expectations helped sway the central bank to raise rates by 75 basis points, or 0.75 percentage point. That’s a bigger rate hike than many anticipated heading into the announcement.
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A widely followed consumer sentiment survey released Friday showed inflation expectations have eased slightly.