NY Fed: 3-year inflation expectations 2.8% vs 2.9% in December

The January survey from the New York Fed

• Inflation expectations fall slightly in January
• Home price expectations +3.5%, highest since May 2017
• Earnings expected to rise 2.73%, highest since survey began in 2013

The overall drop in inflation expectations is likely due to the drop in oil prices so the rise in wage expectations might be more of a signal for the Fed.