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Consumer Expectations, Lead to Pull Back in Spending.

The New York Federal Reserve released its monthly Survey of Consumer Expectations for December. The one-year inflation outlook declined to 5%, down 0.2 percentage point from the previous month. The New York Fed’s expectations gauge had hit a record 6.8% in June, amid a surge in inflation.

Consumers see inflation easing, but they expect to pull back considerably on their spending. The New York Federal Reserve released a closely watched survey of consumer expectations for December. Consumers expect gas prices to increase 4.1% and food prices to rise 7.6% over the next year. The results come amid the Fed’s move to use interest rate rises to tamp down inflation. The Fed officials worry that a continued imbalance of labor demand for supply will push wages higher.

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