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the Fed has effectively lost control over near term inflation expectations, as the NY Fed's own survey of consumer expectations reveals.
According to the latest, June, installment of this closely watched survey, consumer inflation expectations for one year ahead, jumped by the most on record, surging by 0.8% in one month, from 4.0% in May to an all-time high for this series of 4.8% in June.
the NY Fed details, "the increase in the short-term measure was driven mostly by respondents who have some college education. Our measures of disagreement across respondents (the difference between the 75th and 25th percentile of inflation expectations) reached new series’ highs at both horizons."
housing - is expected to rise at near-record levels with the median year-ahead home price change expectations at 6.2% in June, substantially higher than its 12-months trailing average of 3.7%, if well below the current double-digit pace of home price increase which has pushed the average home price to a new all-time high. According to the Fed, "Median year-ahead home price growth uncertainty—or the uncertainty expressed regarding year-ahead home price growth outcomes—increased and reached a new series high."
the median one-year ahead expected change in the cost of college education increased to 7.0% from 6.1% in May, its highest reading since April 2019. In contrast, the median expected changes in the price of food and gasoline decreased to 7.1% and 9.2%, respectively, from 8.0% and 9.8% in May. The median expected change in the cost of medical care and rent remained unchanged at 9.4% and 9.7%; elsewhere medical costs are expected to rise 9.36%; and rent prices will rise 9.66%.
PPG paints just announced a third price increase may be in the works Chief Executive Officer Michael McGarry made sure PPG was one of the first to raise prices earlier this year, as the company anticipated an inflationary environment. Now, they're raising prices again.
McGarry said: “What we’re obviously studying now is the need to be out with a third set of price increases. Inflation is across-the-board, it’s obvious and customers don’t have a lot of good ways to counter the argument that we need to have price relief.”
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