The New York Federal Reserve survey shows a decrease in inflation expectations

The New York Fed found in its latest survey that consumers expect inflation expectations for the coming year to be lower than a month ago. The Consumer Expectations Survey in May showed 1-year inflation expectations at 3.2 percent, down 0.4 percentage points from a month ago. Three-year inflation expectations fell to 3 percent from 3.2 percent in April. Five-year inflation expectations fell to 2.6 percent from 2.7 percent. This follows the Trump administration's removal of some of the hefty tariffs imposed in early April. Meanwhile, the U.S. CPI through April this year fell further to 2.3 percent.