New York Fed: US medium-term inflation expectations fall to new lows

According to the New York Fed's survey of consumer expectations, the one-year inflation expectation in July was 2.97%, slightly lower than 3.02% last month, and the median inflation expectation for the next three years fell sharply by 0.66% to 2.3%, hitting a low since the survey began in June 2013. The New York Fed said that people's views on credit access deteriorated in July compared with a year ago, and the proportion of households reporting that it was more difficult to obtain credit than a year ago increased. In addition, consumers expect gasoline prices to rise by 3.46%, food prices to rise by 4.67%, medical costs to rise by 7.61%, college education costs to rise by 7.15%, and rents to rise by 7.14% next year.