The NY Fed’s April Survey of Consumer Expectations showed 1-year median inflation expectations were unchanged at 3.6%, while 3-year expectations rose to 3.2% (+0.2 ppts) and 5-year expectations fell to 2.7% (-0.2 ppts).

• Expected home price growth rose 0.3 ppts to 3.3%; rent, college, and medical care cost expectations all increased, while food cost expectations fell slightly to 5.1%.

• Median expected earnings growth dropped -0.3 ppts to 2.5%, the lowest since Dec 2023.

• Job-finding expectations fell -1.9 ppts to 49.2%, the lowest since Mar 2021.
• Expected household income growth declined -0.2 ppts to 2.6%, while spending growth expectations rose 0.3 ppts to 5.2%.
• The probability of missing a minimum debt payment rose to 13.9% (+0.3 ppts), and stock price optimism increased to 35.7% (+1.9 ppts).
• Perceptions of current and future household financial situations deteriorated significantly in April.