The NY Fed median consumer inflation expectations were unchanged on the short end but increased significantly on the long end.

• 1-year ahead and 3-year ahead inflation expectations were unchanged at 3.0% in January.
• 5-year ahead inflation expectations, on the other hand, saw a significant increase of 0.3 ppts to 3.0%, the highest since May 2024.

Consumers' expectations of employment indicated that the labor market remained strong at the start 2025.

• Expectations of higher unemployment fell to a 3.5 year low as the mean probability that the unemployment rate would be higher in a year fell to 34.0% (from 34.6% in December).
• After falling for two months, the mean probability of finding a job in the next three months increased 1.3 ppts to 51.5%.
• Contradicting these two data points was an increase in the mean probability of losing a job in the next year, up 2.3 ppts to 14.2%.