New York Fed Survey Shows Lowest Short-Term Consumer Inflation Expectations Since April 2021
Portfolio Pulse from Piero Cingari
The Federal Reserve Bank of New York's survey shows that short-term consumer inflation expectations have dropped to the lowest point since April 2021. However, the outlook for inflation over the next five years has risen to its highest since March 2020. The stock market recovered its session losses, with the SPDR S&P 500 ETF Trust (NYSE:SPY) and the QQQ Invesco Trust (NASDAQ:QQQ) showing slight improvements.
July 10, 2023 | 7:11 pm
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POSITIVE IMPACT
The SPDR S&P 500 ETF Trust (NYSE:SPY) rose 0.1% for the day after the release of the survey.
The survey's results, indicating lower short-term inflation expectations, likely contributed to the market's recovery and SPY's slight increase.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
NEUTRAL IMPACT
The QQQ Invesco Trust (NASDAQ:QQQ) remained flat after losing as much as 0.6% at lunchtime.
The survey's results, indicating lower short-term inflation expectations, likely contributed to the market's recovery and QQQ's stabilization.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80