MACRO & POLICY
NY Fed Survey: US Inflation Expectations Flat, Home-Price Outlook at 2022 High
# NY Fed# inflation expectations# US home prices# rate hike# dollar
Key Points
- A NY Fed survey shows US inflation expectations broadly flat.
- But consumers' home-price outlook rose to the highest since 2022.
- Firmer housing expectations support rate-hike bets behind this week's pressure on Japan.
Analysis
Understand this US survey and you understand why Japanese stocks fell and the yen broke 160 this week — the source is across the Pacific. The NY Fed shows inflation expectations broadly flat but the home-price outlook at its highest since 2022, implying sticky inflation and reinforcing bets the Fed can still hike. Yields and the dollar firm, and global risk assets feel it. For Taiwan readers, US inflation and housing expectations transmit via rates and FX straight to Japanese stocks and travel costs. Watch US CPI and jobs — the real remote control.