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American household inflation expectations decline in July

Yahoo Finance's Brian Cheung explains a chart showing U.S. household inflation expectations ticking down slightly but remaining elevated overall.

Video Transcript

BRIAN CHEUNG: And the Federal Reserve may be taking some solace in what we're about to show you. This is updated survey data from its New York Fed branch about how Americans expect inflation to unfold. The survey is showing one year in purple and three-year median inflation in blue. Expectations tilting down actually in July.

Again, it's not too noticeable. You can kind of see it, though. It still remains elevated. But this is important because runaway inflation expectations do run the risk of fueling more inflation now, what you might call a self-fulfilling prophecy. So that tick-down may be some positive signs, at least for Fed policymakers down in Washington, DC.