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NY Fed Inflation Expectations Plunge Most On Record, But There Is A Catch...
Readers will recall that according to Jerome Powell's own presser, the Fed's first 75bps rate hike in more than two decades was erroneously prompted by an abnormally higher preliminary UMich 5-10 year inflation print (which was subsequently revised lower in the final number). Well, if the Fed is so data-dependent that it now react to preliminary econ data prints, then the latest data out of the NY Fed's monthly Consumer Expectations survey would suggest a rate cut may be on deck. tweet Today at 11am ET, the NY Fed released its latest Consumer Expectations survey which showed a record drop in short-, medium- and ... (full story)