Consumers are growing more optimistic that inflation is on the way down, according to a New York Federal Reserve survey released Monday. The central bank’s monthly Survey of Consumer Expectations for May showed one-year inflation expectations down 0.3 percentage point to a 4.1% rate. That’s the lowest annual outlook since May 2021, just as inflation was beginning to spike to its highest level in more than 41 years. The one year-expectation then was 4%; inflation as measured by the consumer price index actually would rise to 8.5% a year later. In the current case, the survey matches general expectations that while ... (full story)