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NY Fed raises inflation, wages growth forecasts

NY Fed raises inflation, wages growth forecasts

Mubasher: Inflation expectations in the United States increased in December to the highest level in months, according to a survey by the Federal Reserve Bank of New York published on Tuesday.

Younger and middle-age workers are expecting higher prices and earnings, as the survey showed that respondents were more optimistic about earnings growth.

Expectations for the upcoming year jumped to 2.82% last month, from 2.61% in November, the highest reading since February, as cited by Reuters.

The three-year inflation measure reached 2.89%, up from 2.78% in the previous month, reaching its highest point since April.

The Federal Reserve is targeting an annual inflation rate in 2%.