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Fed Chair Jerome Powell said at the central bank's last meeting that he sees recent lower readings on U.S. inflation as "transitory," and likely to pick back up later this year. Data shows the market doesn't believe him and neither do everyday Americans.

Expand chart
Data: Federal Reserve Bank of New York; Chart: Axios Visuals

The bottom line: The 1-year outlook on inflation among U.S. consumers fell by the most in 2 years last month, and is the third-largest drop since the survey was launched in mid-2013, according to the New York Fed.

Details: The decline in inflation expectations was broad-based across income groups, the survey found. Home price change expectations remained stable, but at very low levels. Fed officials also noted that respondents were more "optimistic about their households' overall financial situation and about the labor market."

  • The outlook for inflation over the next 3 years also declined significantly, showing that medium-term inflation expectations also have fallen.

Go deeper: Weak inflation stokes speculation the Fed may cut interest rates

Go deeper

Ina Fried, author of Login
9 mins ago - Technology

Google's parent shuts down effort to deliver internet via balloons

Image: Loon

Alphabet is shutting down Loon, one of its "moonshots," which aimed to deliver internet service via high-altitude balloons.

Why it matters: The effort was one of several approaches designed to get high-speed connectivity to some of the world's most remote spots and proved useful in the aftermath of disasters that shut down traditional infrastructure.

Dave Lawler, author of World
25 mins ago - World

What has and hasn't changed as Biden takes over U.S. foreign policy

Photo Illustration: Brendan Lynch/Axios. Photo: Chip Somodevilla/Getty Images

President Biden swiftly recommitted the U.S. to the Paris climate pact and the World Health Organization, but America's broader foreign policy is in a state of flux between the Trump and Biden eras.

Driving the news: One of the most striking moves from the Biden administration thus far was a show of continuity — concurring with the Trump administration's last-minute determination that China had committed "genocide" against Uyghur Muslims.

Updated 2 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Health: New coronavirus cases down, but more bad news ahead — Fighting COVID-19's effects on gender equality.
  2. Politics: Biden unveils "wartime" COVID strategyBiden's COVID-19 bubble.
  3. Vaccine: NYC postpones vaccine appointments following shipment delays — Private companies step in to fill vaccine logistics vacuum.
  4. World: Biden will order U.S. to rejoin World Health OrganizationBiden to bring U.S. into global COVAX initiative for equitable vaccine access.