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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.
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