U.S. inflation pressure remains low
According to the survey, median consumer expectations for inflation at the one-year-ahead and the three-year-ahead horizons remained unchanged in November.
However, the uncertainty about the inflation outlook in the month dropped. Median inflation uncertainty, the uncertainty expressed by respondents regarding future inflation outcomes, declined to series' lows.
Despite the muted inflation pressure, wage growth expectation improved in November. Median one-year ahead earnings growth expectations rebounded from 2.1 percent in October to 2.6 percent in November, back to its level from July of this year.
Consumers also remained optimistic about job market, with more people expecting lower jobless rate a year ahead.
The Federal Reserve is scheduled to hold this year's last policy meeting this week.
Investors widely expected the central bank will raise interest rate again at the meeting in view of the strong job market performance, despite the low inflation reading. ■