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Survey of Consumer Expectations, August 2026
Federal Reserve Bank of New York · 2026-09-08
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<title>Medium-Term Inflation Expectations Tick Down; Unemployment Expectations Deteriorate - FEDERAL RESERVE BANK of NEW YORK</title>
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<li class="dxt-level-2-item nav nav-level-2 nav-type-menu"><div class="dxt-level-top"><a href="/markets/domestic-market-operations" aria-label="Domestic Market Operations" title="Domestic Market Operations" onclick="_sz.push(['event', 'Markets megamenu', 'Click', 'Domestic Market Operations']);">DOMESTIC MARKET OPERATIONS</a></div>
<ul class="dxt-level-3-list dxt-level-3 nav nav-level-2 nav-type-menu">
<li class="dxt-level-3-item nav nav-level-3 nav-type-menu"><a href="/markets/domestic-market-operations/monetary-policy-implementation" aria-label="Monetary Policy Implementation" title="Monetary Policy Implementation" onclick="_sz.push(['event', 'Markets megamenu', 'Click', 'Monetary Policy Implementation']);">Monetary Policy Implementation</a></li>
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<li class="dxt-level-4-item nav nav-level-4 nav-type-menu"><a href="/markets/domestic-market-operations/monetary-policy-implementation/treasury-securities" aria-label="About Treasury Securities" title="Treasury Securities" onclick="_sz.push(['event', 'Markets megamenu', 'Click', 'About Treasury Securities']);">Treasury Securities</a></li>
<li class="dxt-level-4-item nav nav-level-4 nav-type-menu"><a href="/markets/domestic-market-operations/monetary-policy-implementation/agency-mortgage-backed-securities" aria-label="About Agency Mortgage-Backed Securities" title="Agency Mortgage-Backed Securities" onclick="_sz.push(['event', 'Markets megamenu', 'Click', 'About Agency Mortgage-Backed Securities']);">Agency Mortgage-Backed Securities</a></li>
<li class="dxt-level-4-item nav nav-level-4 nav-type-menu"><a href="/markets/domestic-market-operations/monetary-policy-implementation/agency-commercial-mortgage-backed-securities" aria-label="About Agency Commercial Mortgage-Backed Securities" title="Agency Commercial Mortgage-Backed Securities" onclick="_sz.push(['event', 'Markets megamenu', 'Click', 'About Agency Commercial Mortgage-Backed Securities']);">Agency Commercial Mortgage-Backed Securities</a></li>
<li class="dxt-level-4-item nav nav-level-4 nav-type-menu"><a href="/markets/domestic-market-operations/monetary-policy-implementation/agency-debt-securities" aria-label="About Agency Debt Securities" title="Agency Debt Securities" onclick="_sz.push(['event', 'Markets megamenu', 'Click', 'About Agency Debt Securities']);">Agency Debt Securities</a></li>
<li class="dxt-level-4-item nav nav-level-4 nav-type-menu"><a href="/markets/domestic-market-operations/monetary-policy-implementation/repo-reverse-repo-agreements" aria-label="About Repo and Reverse Repo Agreements" title="Repos & Reverse Repos" onclick="_sz.push(['event', 'Markets megamenu', 'Click', 'About Repo and Reverse Repo Agreements']);">Repos & Reverse Repos</a></li>
<li class="dxt-level-4-item nav nav-level-4 nav-type-menu"><a href="/markets/domestic-market-operations/monetary-policy-implementation/securities-lending" aria-label="About Securities Lending" title="Securities Lending" onclick="_sz.push(['event', 'Markets megamenu', 'Click', 'About Securities Lending']);">Securities Lending</a></li>
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<li class="dxt-level-3-item nav nav-level-3 nav-type-menu"><a href="/banking/discountwindow" aria-label="Discount Window" title="Discount Window" onclick="_sz.push(['event', 'Markets megamenu', 'Click', 'Discount Window']);">Discount Window</a></li>
<li class="dxt-level-3-item nav nav-level-3 nav-type-menu"><a href="/markets/treasury-debt-auctions-and-buybacks-as-fiscal-agent" aria-label="Treasury Debt Auctions and Buybacks as Fiscal Agent" title="Treasury Debt Auctions & Buybacks" onclick="_sz.push(['event', 'Markets megamenu', 'Click', 'Treasury Debt Auctions and Buybacks as Fiscal Agent']);">Treasury Debt Auctions & Buybacks<br>as Fiscal Agent</a>
</li>
<br><br>
<li class="dxt-level-3-item nav nav-level-3 nav-type-menu"><a href="/markets/international-market-operations" aria-label="International Market Operations" title="International Market Operations" onclick="_sz.push(['event', 'Markets megamenu', 'Click', 'International Market Operations']);">INTERNATIONAL MARKET OPERATIONS</a></li>
<li class="dxt-level-3-item nav nav-level-3 nav-type-menu"><a href="/markets/international-market-operations/foreign-exchange-operations" aria-label="Foreign Exchange Operations" title="Foreign Exchange" onclick="_sz.push(['event', 'Markets megamenu', 'Click', 'Foreign Exchange Operations']);">Foreign Exchange</a></li>
<li class="dxt-level-3-item nav nav-level-3 nav-type-menu"><a href="/markets/international-market-operations/foreign-reserves-management" aria-label="Foreign Reserves Management" title="Foreign Reserves Management" onclick="_sz.push(['event', 'Markets megamenu', 'Click', 'Foreign Reserves Management']);">Foreign Reserves Management</a></li>
<li class="dxt-level-3-item nav nav-level-3 nav-type-menu"><a href="/markets/international-market-operations/central-bank-swap-arrangements" aria-label="Central Bank Swap Arrangements" title="Central Bank Swap Arrangements" onclick="_sz.push(['event', 'Markets megamenu', 'Click', 'Central Bank Swap Arrangements']);">Central Bank Swap Arrangements</a></li>
</ul></li>
<!-- END SECOND COLUMN, BEGIN THIRD COLUMN -->
<li class="dxt-level-2-item nav nav-level-2 nav-type-menu"><span class="nav nav-type-label">ACROSS MARKETS</span>
<ul class="dxt-level-3-list dxt-level-3 nav nav-level-2 nav-type-menu">
<li class="dxt-level-3-item nav nav-level-3 nav-type-menu"><a href="/markets/op_policies" aria-label="Desk Statements & Operating Policies" title="Statements & Operating Policies" onclick="_sz.push(['event', 'Markets megamenu', 'Click', 'Desk Statements & Operating Policies']);">Statements & Operating Policies</a></li>
<li class="dxt-level-3-item nav nav-level-3 nav-type-menu"><a href="/markets/market-intelligence" aria-label="Market Intelligence" title="Market Intelligence" onclick="_sz.push(['event', 'Markets megamenu', 'Click', 'Market Intelligence']);">Market Intelligence</a>
<ul class="dxt-bullets dxt-level-4-list dxt-level-4 nav nav-level-3 nav-type-menu">
<li class="dxt-level-4-item nav nav-level-4 nav-type-menu"><a href="/markets/market-intelligence/survey-of-market-expectations" aria-label="Survey of Market Expectations" title="Survey of Market Expectations" onclick="_sz.push(['event', 'Markets megamenu', 'Click', 'Survey of Market Expectations']);">Survey of Market Expectations</a></li>
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</li>
<li class="dxt-level-3-item nav nav-level-3 nav-type-menu"><a href="/markets/annual_reports" aria-label="Annual Report on Open Market Operations" title="Annual Reports" onclick="_sz.push(['event', 'Markets megamenu', 'Click', 'Annual Report on Open Market Operations']);">Annual Reports</a></li>
<li class="dxt-level-3-item nav nav-level-3 nav-type-menu"><a href="/markets/counterparties" aria-label="Counterparties" title="Counterparties" onclick="_sz.push(['event', 'Markets megamenu', 'Click', 'Counterparties']);">Counterparties</a>
<ul class="dxt-bullets dxt-level-4-list dxt-level-4 nav nav-level-3 nav-type-menu">
<li class="dxt-level-4-item nav nav-level-4 nav-type-menu"><a href="/markets/primarydealers" aria-label="Primary Dealers" title="Primary Dealers" onclick="_sz.push(['event', 'Markets megamenu', 'Click', 'Primary Dealers']);">Primary Dealers</a></li>
<li class="dxt-level-4-item nav nav-level-4 nav-type-menu"><a href="/markets/standing-repo-counterparties" aria-label="Standing Repo Counterparties" title="Standing Repo Counterparties" onclick="_sz.push(['event', 'Markets megamenu', 'Click', 'Standing Repo Counterparties']);">Standing Repo Counterparties</a></li>
<li class="dxt-level-4-item nav nav-level-4 nav-type-menu"><a href="/markets/rrp_counterparties" aria-label="Reverse Repo Counterparties" title="Reverse Repo Counterparties" onclick="_sz.push(['event', 'Markets megamenu', 'Click', 'Reverse Repo Counterparties']);">Reverse Repo Counterparties</a></li>
<li class="dxt-level-4-item nav nav-level-4 nav-type-menu"><a href="/markets/counterparties/foreign-exchange-counterparties" aria-label="Foreign Exchange Counterparties" title="Foreign Exchange Counterparties" onclick="_sz.push(['event', 'Markets megamenu', 'Click', 'Foreign Exchange Counterparties']);">Foreign Exchange Counterparties</a></li>
<li class="dxt-level-4-item nav nav-level-4 nav-type-menu"><a href="/markets/counterparties/foreign-reserves-management" aria-label="Foreign Reserves Management Counterparties" title="Foreign Reserves Management Counterparties" onclick="_sz.push(['event', 'Markets megamenu', 'Click', 'Foreign Reserves Management Counterparties']);">Foreign Reserves Management Counterparties</a></li>
</ul></li>
<li class="dxt-level-3-item nav nav-level-3 nav-type-menu"><a href="/markets/operational-readiness" aria-label="Operational Readiness" title="Operational Readiness" onclick="_sz.push(['event', 'Markets megamenu', 'Click', 'Operational Readiness']);">Operational Readiness</a></li>
<li class="dxt-level-3-item nav nav-level-3 nav-type-menu"><a href="/markets/central-bank-and-international-account-services" aria-label="Central Bank & International Account Services" title="Central Bank & International Account Services" onclick="_sz.push(['event', 'Markets megamenu', 'Click', 'Central Bank & International Account Services']);">Central Bank & International Account Services</a></li>
<li class="dxt-level-3-item nav nav-level-3 nav-type-menu"><a href="/markets/programs-archive" aria-label="Programs Archive" title="Programs Archive" onclick="_sz.push(['event', 'Markets megamenu', 'Click', 'Programs Archive']);">Programs Archive</a></li>
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</li>
<!-- END THIRD COLUMN -->
</ul>
</li>
<!-- END : LEVEL 1 -->
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<li id="nav-item-84" class="dxt-level-1-item nav nav-level-1 nav-type-megamenu mm-item">
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<div>
<span class="dxt-mobile-menu-controls">
<span></span>
<span></span>
<span></span>
<span></span>
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<a title="Economic Research" aria-label="Economic Research" href="/research" onclick="_sz.push(['event', 'Research Megamenu', 'Click', 'Economic Research top level']);">Economic Research</a>
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<ul class="dxt-level-2-list dxt-level-2 nav nav-level-1 nav-type-megamenu mm-item-content" id="nav-list-84">
<!-- START : LEVEL 2 -->
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<a title="Economic Research" aria-label="Economic Research" href="/research" onclick="_sz.push(['event', 'Research Megamenu', 'Click', 'Economic Research']);">Economic Research</a>
</li>
<!-- END : LEVEL 2 -->
<!-- BEGIN FIRST COLUMN -->
<li class="dxt-level-2-item nav nav-level-2 nav-type-menu"><span class="nav nav-type-label">U.S. Economy</span>
<ul class="dxt-level-3-list dxt-level-3 nav nav-level-2 nav-type-menu">
<li class="dxt-level-3-item nav nav-level-3 nav-type-menu"><span class="nav nav-type-label upperlower">Consumer Expectations & Behavior</span></li>
<ul class="dxt-bullets dxt-level-4-list dxt-level-4 nav nav-level-3 nav-type-menu">
<li class="dxt-level-4-item nav nav-level-4 nav-type-menu"><a title="Survey of Consumer Expectations" aria-label="Survey of Consumer Expectations" href="/microeconomics/sce#/" onclick="_sz.push(['event', 'Research Megamenu', 'Click', 'Survey of Consumer Expectations']);">Survey of Consumer Expectations</a></li>
<li class="dxt-level-4-item nav nav-level-4 nav-type-menu"><a title="Household Debt & Credit Report" aria-label="Household Debt & Credit Report" href="/microeconomics/hhdc" onclick="_sz.push(['event', 'Research Megamenu', 'Click', 'Household Debt & Credit Report']);">Household Debt & Credit Report</a></li>
<li class="dxt-level-4-item nav nav-level-4 nav-type-menu"><a title="Home Price Changes" aria-label="Home Price Changes" href="/research/home-price-index" onclick="_sz.push(['event', 'Research Megamenu', 'Click', 'Home Price Changes']);">Home Price Changes</a></li>
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<li class="dxt-level-3-item nav nav-level-3 nav-type-menu"><span class="nav nav-type-label upperlower">Growth & Inflation</span></li>
<ul class="dxt-bullets dxt-level-4-list dxt-level-4 nav nav-level-3 nav-type-menu">
<li class="dxt-level-4-item nav nav-level-4 nav-type-menu"><a title="Economic Heterogeneity Indicators" aria-label="Economic Heterogeneity Indicators" href="/research/economic-heterogeneity-indicators" onclick="_sz.push(['event', 'Research Megamenu', 'Click', 'Economic Heterogeneity Indicators']);">Economic Heterogeneity Indicators (EHIs)</a></li>
<li class="dxt-level-4-item nav nav-level-4 nav-type-menu"><a title="Multivariate Core Trend Inflation" aria-label="Multivariate Core Trend Inflation" href="/research/policy/mct#--:mct-inflation:trend-inflation" onclick="_sz.push(['event', 'Research Megamenu', 'Click', 'Multivariate Core Trend Inflation']);">Multivariate Core Trend Inflation</a></li>
<li class="dxt-level-4-item nav nav-level-4 nav-type-menu"><a title="New York Fed DSGE Model" aria-label="New York Fed DSGE Model" href="/research/policy/dsge#/interactive" onclick="_sz.push(['event', 'Research Megamenu', 'Click', 'New York Fed DSGE Model']);">New York Fed DSGE Model</a></li>
<li class="dxt-level-4-item nav nav-level-4 nav-type-menu"><a title="New York Fed Staff Nowcast" aria-label="New York Fed Staff Nowcast" href="/research/policy/nowcast#/nowcast" onclick="_sz.push(['event', 'Research Megamenu', 'Click', 'New York Fed Staff Nowcast']);">New York Fed Staff Nowcast</a></li>
<li class="dxt-level-4-item nav nav-level-4 nav-type-menu"><a title="R-star: Natural Rate of Interest" aria-label="R-star: Natural Rate of Interest" href="/research/policy/rstar " onclick="_sz.push(['event', 'Research Megamenu', 'Click', 'R-star: Natural Rate of Interest']);">R-star: Natural Rate of Interest</a></li>
</ul>
<li class="dxt-level-3-item nav nav-level-3 nav-type-menu"><span class="nav nav-type-label upperlower">Labor Market</span></li>
<ul class="dxt-bullets dxt-level-4-list dxt-level-4 nav nav-level-3 nav-type-menu">
<li class="dxt-level-4-item nav nav-level-4 nav-type-menu"><a title="Labor Market for Recent College Graduates" aria-label="Labor Market for Recent College Graduates" href="/research/college-labor-market#--:explore:unemployment" onclick="_sz.push(['event', 'Research Megamenu', 'Click', 'Labor Market for Recent College Graduates']);">Labor Market for Recent College Graduates</a></li>
<li class="dxt-level-4-item nav nav-level-4 nav-type-menu"><a title="Labor Market Tightness Index" aria-label="Labor Market Tightness Index" href="/research/labor-market-tightness/#interactive" onclick="_sz.push(['event', 'Research Megamenu', 'Click', 'Labor Market Tightness Index']);">Labor Market Tightness Index</a></li>
</ul>
<li class="dxt-level-3-item nav nav-level-3 nav-type-menu"><span class="nav nav-type-label upperlower">Financial Stability</span></li>
<ul class="dxt-bullets dxt-level-4-list dxt-level-4 nav nav-level-3 nav-type-menu">
<li class="dxt-level-4-item nav nav-level-4 nav-type-menu"><a title="Corporate Bond Market Distress Index" aria-label="Corporate Bond Market Distress Index" href="/research/policy/cmdi#/interactive" onclick="_sz.push(['event', 'Research Megamenu', 'Click', 'Corporate Bond Market Distress Index']);">Corporate Bond Market Distress Index</a></li>
<li class="dxt-level-4-item nav nav-level-4 nav-type-menu"><a title="Losses from Natural Disasters" aria-label="Losses from Natural Disasters" href="/research/policy/natural-disaster-losses " onclick="_sz.push(['event', 'Research Megamenu', 'Click', 'Losses from Natural Disasters']);">Losses from Natural Disasters</a></li>
<li class="dxt-level-4-item nav nav-level-4 nav-type-menu"><a title="Outlook-at-Risk" aria-label="Outlook-at-Risk" href="/research/policy/outlook-at-risk#root:growth-at-risk" onclick="_sz.push(['event', 'Research Megamenu', 'Click', 'Outlook-at-Risk']);">Outlook-at-Risk</a></li>
<li class="dxt-level-4-item nav nav-level-4 nav-type-menu"><a title="Treasury Term Premia" aria-label="Treasury Term Premia" href="/research/data_indicators/term-premia-tabs#/interactive" onclick="_sz.push(['event', 'Research Megamenu', 'Click', 'Treasury Term Premia']);">Treasury Term Premia</a></li>
<li class="dxt-level-4-item nav nav-level-4 nav-type-menu"><a title="Yield Curve as a Leading Indicator" aria-label="Yield Curve as a Leading Indicator" href="/research/capital_markets/ycfaq#/interactive" onclick="_sz.push(['event', 'Research Megamenu', 'Click', 'Yield Curve as a Leading Indicator']);">Yield Curve as a Leading Indicator</a></li>
</ul>
<li class="dxt-level-3-item nav nav-level-3 nav-type-menu"><span class="nav nav-type-label upperlower">Banking</span></li>
<ul class="dxt-bullets dxt-level-4-list dxt-level-4 nav nav-level-3 nav-type-menu">
<li class="dxt-level-4-item nav nav-level-4 nav-type-menu"><a title="Banking Research Data Sets" aria-label="Banking Research Data Sets" href="/research/banking_research/datasets" onclick="_sz.push(['event', 'Research Megamenu', 'Click', 'Banking Research Data Sets']);">Banking Research Data Sets</a></li>
<li class="dxt-level-4-item nav nav-level-4 nav-type-menu"><a title="Reserve Demand Elasticity" aria-label="Reserve Demand Elasticity" href="/research/reserve-demand-elasticity" onclick="_sz.push(['event', 'Research Megamenu', 'Click', 'Reserve Demand Elasticity']);">Reserve Demand Elasticity</a></li>
</ul>
</ul>
</li>
<!-- END FIRST COLUMN, BEGIN SECOND COLUMN -->
<li class="dxt-level-2-item nav nav-level-2 nav-type-menu"><div class="dxt-level-top"><a title="Regional Economy" aria-label="Regional Economy" href="/regional-economy" onclick="_sz.push(['event', 'Research Megamenu', 'Click', 'Regional Economy']);">REGIONAL ECONOMY</a></div>
<ul class="dxt-level-3-list dxt-level-3 nav nav-level-2 nav-type-menu">
<li class="dxt-level-3-item nav nav-level-3 nav-type-menu"><a title="Empire State Manufacturing Survey" aria-label="Empire State Manufacturing Survey" href="/survey/empire/empiresurvey_overview" onclick="_sz.push(['event', 'Research Megamenu', 'Click', 'Empire State Manufacturing Survey']);">Empire State Manufacturing Survey</a></li>
<li class="dxt-level-3-item nav nav-level-3 nav-type-menu"><a title="Business Leaders Survey" aria-label="Business Leaders Survey" href="/survey/business_leaders/bls_overview " onclick="_sz.push(['event', 'Research Megamenu', 'Click', 'Business Leaders Survey']);">Business Leaders Survey</a></li>
<li class="dxt-level-3-item nav nav-level-3 nav-type-menu"><a title="Regional Business Surveys: Special Topics" aria-label="Regional Business Surveys: Special Topics" href="/survey/business_leaders/Supplemental_Survey_Report" onclick="_sz.push(['event', 'Research Megamenu', 'Click', 'Regional Business Surveys: Special Topics']);">Regional Business Surveys: Special Topics</a></li>
<li class="dxt-level-3-item nav nav-level-3 nav-type-menu"><a title="Regional Employment Trends" aria-label="Regional Employment Trends" href="/research/regional_economy/regional-employment#/interactive" onclick="_sz.push(['event', 'Research Megamenu', 'Click', 'Regional Employment Trends']);">Regional Employment Trends</a></li>
<li class="dxt-level-3-item nav nav-level-3 nav-type-menu"><a title="Early Benchmarked Employment Data" aria-label="Early Benchmarked Employment Data" href="/research/regional_economy/early-benchmarked-employment" onclick="_sz.push(['event', 'Research Megamenu', 'Click', 'Early Benchmarked Employment Data']);">Early Benchmarked Employment Data</a></li>
<li class="dxt-level-3-item nav nav-level-3 nav-type-menu"><span class="nav nav-type-label upperlower top-20px">INTERNATIONAL ECONOMY</span></li>
<li class="dxt-level-3-item nav nav-level-3 nav-type-menu"><a title="Global Supply Chain Pressure Index" aria-label="Global Supply Chain Pressure Index" href="/research/policy/gscpi#/interactive" onclick="_sz.push(['event', 'Research Megamenu', 'Click', 'Global Supply Chain Pressure Index']);">Global Supply Chain Pressure Index</a></li>
</ul></li>
<!-- END SECOND COLUMN, BEGIN THIRD COLUMN -->
<li class="dxt-level-2-item nav nav-level-2 nav-type-menu"><span class="nav nav-type-label">RESEARCHERS</span>
<ul class="dxt-level-3-list dxt-level-3 nav nav-level-2 nav-type-menu">
<ul class="dxt-level-3-list dxt-level-3 nav nav-level-2 nav-type-menu">
<li class="dxt-level-3-item nav nav-level-3 nav-type-menu"><a title="Staff Economists" aria-label="Staff Economists" href="/research/economists" onclick="_sz.push(['event', 'Research Megamenu', 'Click', 'Staff Economists']);">Staff Economists</a></li>
<li class="dxt-level-3-item nav nav-level-3 nav-type-menu"><a title="Visiting Scholars" aria-label="Visiting Scholars" href="/research/economists/visitors" onclick="_sz.push(['event', 'Research Megamenu', 'Click', 'Visiting Scholars']);">Visiting Scholars</a></li>
<li class="dxt-level-3-item nav nav-level-3 nav-type-menu"><a title="Resident Scholars" aria-label="Resident Scholars" href="/research/resident_scholar" onclick="_sz.push(['event', 'Research Megamenu', 'Click', 'Resident Scholars']);">Resident Scholars</a></li>
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<li class="dxt-level-3-item nav nav-level-3 nav-type-menu top-20px"><a title="Publications" aria-label="Publications" href="/research/publication_annuals" onclick="_sz.push(['event', 'Research Megamenu', 'Click', 'Publications']);">PUBLICATIONS</a></li>
<ul class="dxt-level-3-list dxt-level-3 nav nav-level-2 nav-type-menu">
<li class="dxt-level-3-item nav nav-level-3 nav-type-menu"><a title="Liberty Street Economics" aria-label="Liberty Street Economics" href="https://libertystreeteconomics.newyorkfed.org/" onclick="_sz.push(['event', 'Research Megamenu', 'Click', 'Liberty Street Economics']);">Liberty Street Economics</a></li>
<li class="dxt-level-3-item nav nav-level-3 nav-type-menu"><a title="Staff Reports" aria-label="Staff Reports" href="/research/staff_reports" onclick="_sz.push(['event', 'Research Megamenu', 'Click', 'Staff Reports']);">Staff Reports</a></li>
<li class="dxt-level-3-item nav nav-level-3 nav-type-menu"><a title="Economic Policy Review" aria-label="Economic Policy Review" href="/research/epr" onclick="_sz.push(['event', 'Research Megamenu', 'Click', 'Economic Policy Review']);">Economic Policy Review</a></li>
<li class="dxt-level-3-item nav nav-level-3 nav-type-menu"><a title="Outside Journals" aria-label="Outside Journals" href="/research/outside_journals" onclick="_sz.push(['event', 'Research Megamenu', 'Click', 'Outside Journals']);">Outside Journals</a></li>
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<li class="dxt-level-3-item nav nav-level-3 nav-type-menu"><span class="nav nav-type-label upperlower top-20px">RESEARCH CENTERS</span></li>
<ul class="dxt-level-3-list dxt-level-3 nav nav-level-2 nav-type-menu">
<li class="dxt-level-3-item nav nav-level-3 nav-type-menu"><a title="Applied Macroeconomics & Econometrics Center (AMEC)" aria-label="Applied Macroeconomics & Econometrics Center (AMEC)" href="/research/amec" onclick="_sz.push(['event', 'Research Megamenu', 'Click', 'Applied Macroeconomics & Econometrics Center (AMEC)']);">Applied Macroeconomics<br>& Econometrics Center (AMEC)</a></li>
<li class="dxt-level-3-item nav nav-level-3 nav-type-menu"><a title="Center for Microeconomic Data (CMD)" aria-label="Center for Microeconomic Data (CMD)" href="/microeconomics" onclick="_sz.push(['event', 'Research Megamenu', 'Click', 'Center for Microeconomic Data (CMD)']);">Center for Microeconomic Data (CMD)</a></li>
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<li class="dxt-level-3-item nav nav-level-3 nav-type-menu"><span class="nav nav-type-label upperlower top-20px">CALENDAR</span></li>
<ul class="dxt-level-3-list dxt-level-3 nav nav-level-2 nav-type-menu">
<li class="dxt-level-3-item nav nav-level-3 nav-type-menu"><a title="Economic Indicators Calendar" aria-label="Economic Indicators Calendar" href="/research/calendars/nationalecon_cal" onclick="_sz.push(['event', 'Research Megamenu', 'Click', 'Economic Indicators Calendar']);">Economic Indicators Calendar</a></li>
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</ul>
</li>
<!-- END THIRD COLUMN -->
</ul>
</li>
<!-- END : LEVEL 1 -->
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<!-- START : LEVEL 1 -->
<li id="nav-item-90" class="dxt-level-1-item nav nav-level-1 nav-type-megamenu">
<div class="dxt-level-top">
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<span class="dxt-mobile-menu-controls">
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<span></span>
<span></span>
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<a href="/financial-institution-supervision" title="Financial Institution Supervision">Financial Institution Supervision</a>
</div>
</div>
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<!-- START : LEVEL 2 -->
<li class="dxt-level-2-item nav nav-level-2 nav-type-menu">
<a href="/financial-institution-supervision" title="Financial Institution Supervision">Financial Institution Supervision</a>
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<!-- END : LEVEL 2 -->
<!-- START : LEVEL 3 -->
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<div class="dxt-level-top">
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<!-- START : LEVEL 4 -->
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<a href="/banking/circulars" title="Circulars">Circulars</a>
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<!-- END : LEVEL 4 -->
<!-- START : LEVEL 4 -->
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<a href="/banking/regulations" title="Regulations">Regulations</a>
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<!-- START : LEVEL 3 -->
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<a href="/banking/reporting_formsinstruct" title="Reporting Forms & Instructions">Reporting Forms & Instructions</a>
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<!-- START : LEVEL 4 -->
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<a href="/banking/reportingforms" title="Reporting Forms">Reporting Forms</a>
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<!-- END : LEVEL 4 -->
<!-- START : LEVEL 4 -->
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<!-- END : LEVEL 4 -->
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<!-- START : LEVEL 3 -->
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<!-- END : LEVEL 3 -->
<!-- START : LEVEL 3 -->
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<div class="dxt-level-top">
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<a href="/banking/protection" title="Consumer Protection">Consumer Protection</a>
</div>
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<ul class="dxt-bullets dxt-level-4-list dxt-level-3 nav nav-level-2 nav-type-menu" id="nav-list-158">
<!-- START : LEVEL 4 -->
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<a href="/outreach-and-education/community-development/community-reinvestment-act" title="Community Reinvestment Act">Community Reinvestment Act</a>
</li>
<!-- END : LEVEL 4 -->
<!-- START : LEVEL 4 -->
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<a href="/banking/frauds_scams" title="Frauds and Scams">Frauds and Scams</a>
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<!-- END : LEVEL 4 -->
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<!-- END : LEVEL 3 -->
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As part of our core mission, we supervise and regulate financial institutions in the Second District. Our primary objective is to maintain a safe and competitive U.S. and global banking system.
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The Governance & Culture Reform hub is designed to foster discussion about corporate governance and the reform of culture and behavior in the financial services industry.
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Need to file a report with the New York Fed? Here are all of the forms, instructions and other information related to regulatory and statistical reporting in one spot.
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The New York Fed works to protect consumers as well as provides information and resources on how to avoid and report specific scams.
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<!-- END : LEVEL CONTENT -->
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<a href="/financial-services-and-infrastructure" title="Financial Services & Infrastructure">Financial Services & Infrastructure</a>
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<a href="/banking/services" title="Services For Financial Institutions">Services For Financial Institutions</a>
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<!-- START : LEVEL 3 -->
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<a href="/banking/payment_services" title="Payment Services">Payment Services</a>
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<!-- END : LEVEL 3 -->
<!-- START : LEVEL 3 -->
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<a href="/banking/payment_oversight" title="Payment System Oversight">Payment System Oversight</a>
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<!-- END : LEVEL 3 -->
<!-- START : LEVEL 3 -->
<li id="nav-item-422" class="dxt-level-3-item nav nav-level-3 nav-type-menu">
<a href="/banking/international" title="International Services, Seminars & Training">International Services, Seminars & Training</a>
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<!-- END : LEVEL 3 -->
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<!-- END : LEVEL 2 -->
<!-- START : LEVEL 2 -->
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<a href="/financial-services-and-infrastructure/financial-market-infrastructure-and-reform" title="Financial Market Infrastructure & Reform">Financial Market Infrastructure & Reform</a>
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<!-- START : LEVEL 3 -->
<li class="dxt-level-3-item nav nav-level-3 nav-type-menu" id="nav-item-161">
<a href="/banking/tpr_infr_reform" title="Tri-Party Repo Infrastructure Reform">Tri-Party Repo Infrastructure Reform</a>
</li>
<!-- END : LEVEL 3 -->
<!-- START : LEVEL 3 -->
<li class="dxt-level-3-item nav nav-level-3 nav-type-menu" id="nav-item-162">
<a href="/financial-services-and-infrastructure/financial-market-infrastructure-and-reform/managing-foreign-exchange" title="Managing Foreign Exchange">Managing Foreign Exchange</a>
</li>
<!-- END : LEVEL 3 -->
<!-- START : LEVEL 3 -->
<li id="nav-item-163" class="dxt-level-3-item nav nav-level-3 nav-type-menu">
<a href="/financial-services-and-infrastructure/financial-market-infrastructure-and-reform/money-market-funds" title="Money Market Funds">Money Market Funds</a>
</li>
<!-- END : LEVEL 3 -->
<!-- START : LEVEL 3 -->
<li class="dxt-level-3-item nav nav-level-3 nav-type-menu" id="nav-item-164">
<a href="/financial-services-and-infrastructure/financial-market-infrastructure-and-reform/over-the-counter-derivatives" title="Over-The-Counter Derivatives">Over-The-Counter Derivatives</a>
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<!-- END : LEVEL 3 -->
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<!-- END : LEVEL 2 -->
<!-- START : LEVEL CONTENT -->
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<div class="dxt-menu-content-item dxt-menu-content-item-desc">
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The Federal Reserve Bank of New York works to promote sound and well-functioning financial systems and markets through its provision of industry and payment services, advancement of infrastructure reform in key markets and training and educational support
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<!-- START : LEVEL 2 -->
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<!-- END : LEVEL 2 -->
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<!-- START : LEVEL 3 -->
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<!-- START : LEVEL 4 -->
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<a href="https://fedcommunities.org" title="Fed Communities">Fed Communities</a>
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<!-- END : LEVEL 4 -->
<!-- START : LEVEL 4 -->
<li class="frs-init-items dxt-level-4-item nav nav-level-3 nav-type-menu" id="nav-item-502">
<a href="https://www.fedsmallbusiness.org" title="Fed Small Business">Fed Small Business</a>
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<!-- END : LEVEL 4 -->
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<!-- START : LEVEL 3 -->
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<a href="/outreach-and-education/other-community-development-work" title="Other Community Development Work">Other Community Development Work</a>
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<!-- END : LEVEL 3 -->
<!-- START : LEVEL 3 -->
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<a href="/outreach-and-education/calendar" title="Community Development Calendar">Calendar</a>
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<!-- START : LEVEL 2 -->
<li class="dxt-level-2-item nav nav-level-1 nav-type-menu econ-ed-style" id="nav-item-102">
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<a href="/outreach-and-education/economic-education" title="Economic Education">Economic Education</a>
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<!-- END : LEVEL 3 -->
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<!-- START : LEVEL 4 -->
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<a href="/outreach-and-education/high-school/high-school-fed-challenge" title="High School Fed Challenge">High School Fed Challenge</a>
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<!-- END : LEVEL 4 -->
<!-- START : LEVEL 4 -->
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<a href="/education/fedchallenge_college" title="College Fed Challenge">College Fed Challenge</a>
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<!-- END : LEVEL 4 -->
<!-- START : LEVEL 4 -->
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<!-- END : LEVEL 4 -->
<!-- START : LEVEL 4 -->
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<!-- END : LEVEL 4 -->
<!-- START : LEVEL 4 -->
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<a href="/aboutthefed/museum-and-learning-center-visits" title="Museum & Learning Center Visits">Museum & Learning Center Visits</a>
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<!-- END : LEVEL 4 -->
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<!-- START : LEVEL 3 -->
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<div class="dxt-level-top">
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</div>
<ul id="nav-list-93" class="dxt-bullets dxt-level-4-list dxt-level-3 nav nav-level-2 nav-type-menu">
<!-- START : LEVEL 4 -->
<li id="nav-item-156" class="dxt-level-4-item nav nav-level-3 nav-type-menu">
<a href="/outreach-and-education/comic-books" title="Educational Comic Books">Educational Comic Books</a>
</li>
<!-- END : LEVEL 4 -->
<!-- START : LEVEL 4 -->
<li class="dxt-level-4-item nav nav-level-3 nav-type-menu" id="nav-item-157">
<a title="Economist Spotlight Series" href="/outreach-and-education/economic-education/economist-spotlight" title="Economist Spotlight Series">Economist Spotlight Series</a>
</li>
<!-- END : LEVEL 4 -->
<!-- START : LEVEL 4 -->
<li class="dxt-level-4-item nav nav-level-3 nav-type-menu" id="nav-item-157">
<a href="/outreach-and-education/ny-fed-content-for-educators" title="Lesson Plans and Resources">Lesson Plans and Resources</a>
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<!-- END : LEVEL 4 -->
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</li>
<!-- END : LEVEL 3 -->
<!-- START : LEVEL 3 -->
<li class="dxt-level-3-item nav nav-level-2 nav-type-menu" id="nav-item-490">
<a href="/outreach-and-education/economic-education/calendar" title="Economic Education Calendar">Economic Education Calendar</a>
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<!-- END : LEVEL 2 -->
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The Governance & Culture Reform hub is designed to foster discussion about corporate governance and the reform of culture and behavior in the financial services industry.
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<div class="ts-section-identifier">Press Release</div>
<h1 class="ts-article-title">Medium-Term Inflation Expectations Tick Down; Unemployment Expectations Deteriorate</h1>
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<div class="ts-contact-info">September 08, 2026</div>
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<p>NEW YORK—The Federal Reserve Bank of New York’s Center for Microeconomic Data today released the August 2026 <a href="/microeconomics/sce"><em>Survey of Consumer Expectations</em></a>, which shows that households’ inflation expectations decreased slightly at the medium-term horizon and remained unchanged at the short- and longer-term horizons. Gas price growth expectations increased again in August. Labor market expectations were mixed with unemployment and job finding expectations deteriorating while job loss and quit expectations improved somewhat. Expectations of an increase in unemployment reached the highest level since April 2020. The survey was fielded from August 3 through August 31, 2026.</p>
<p>The main findings from the August 2026 Survey are:</p>
<p><strong>Inflation</strong></p>
<ul>
<li>Median inflation expectations at the one-year and five-year-ahead horizons were unchanged at 3.6% and 3.0%, while they decreased at the three-year-ahead horizon by 0.1 percentage point to 3.2%. The survey’s measure of disagreement across respondents (the difference between the 75th and 25th percentiles of inflation expectations) decreased at the one-year-ahead horizon and increased at the three-year and five-year-ahead horizons.</li>
<li>Median inflation uncertainty—or the uncertainty expressed regarding future inflation outcomes—increased at the one- and five-year horizons and decreased at three-year horizon. </li>
<li>Median home price growth expectations decreased by 0.2 percentage point to 3.0%, just below its 12-month trailing average of 3.1%. The decrease was driven by those living in the Northeast. </li>
<li>Among commodities, median year-ahead expected price changes increased by 1.7 percentage points to 4.6% for gas, by 0.3 percentage point to 5.3% for food, and by 0.2 percentage point to 9.1% for medical care. Median year-ahead expected price changes increased by 0.3 percentage point to 6.1% for the cost of college education and by 0.7 percentage point to 6.6% for rent.</li>
</ul>
<p><strong>Labor Market</strong></p>
<ul>
<li>Median one-year-ahead earnings growth expectations ticked up by 0.1 percentage point to 2.9% in August. The series remains above its 12-month trailing average of 2.6%. </li>
<li>Mean unemployment expectations—or the mean probability that the U.S. unemployment rate will be higher one year from now—increased by 1.6 percentage points to 44.4%, its highest reading since April 2020. The increase was broad-based across age, education, and income groups.</li>
<li>The mean perceived probability of losing one’s job in the next 12 months decreased by 0.4 percentage point to 13.8%, its lowest reading since February 2026. The mean probability of leaving one’s job voluntarily, or the expected quit rate, in the next 12 months increased by 0.9 percentage point to 19.5%, above the series’ 12-month trailing average of 18.4%. The decrease in job loss and increase in quit expectations were both driven by those with at most a high school degree and those with annual household incomes under $100,000. <strong> </strong></li>
<li>The mean perceived probability of finding a job if one’s current job was lost decreased by 0.8 percentage point to 45.4%, just below the series 12-month trailing average of 45.5%.<strong> </strong></li>
</ul>
<p><strong>Household Finance</strong></p>
<ul>
<li>The median expected growth in household income remained unchanged at 3.0% in August. The series has been moving in a narrow range between 2.8% and 3.0% since June 2025.</li>
<li>Median one-year-ahead household spending growth expectations increased by 0.3 percentage point to 5.2%, above its 12-month trailing average of 5.0%.</li>
<li>Perceptions of credit access compared to a year ago declined, with the net share of households reporting it is harder to get credit increasing. Expectations for future credit availability also deteriorated, with a larger share of respondents expecting it will be harder to obtain credit in the year ahead and a smaller share expecting it will be easier. </li>
<li>The average perceived probability of missing a minimum debt payment over the next three months increased by 1.2 percentage points to 13.2%, just above its 12-month trailing average of 12.7%. </li>
<li>The median expectation regarding a year-ahead change in taxes at current income level increased by 0.5 percentage point to 3.5%, its highest reading since December 2025.</li>
<li>Median year-ahead expected growth in government debt increased by 0.6 percentage point to 9.7%, remaining above its 12-month trailing average of 8.8%.</li>
<li>The mean perceived probability that the average interest rate on savings accounts will be higher in 12 months increased by 0.6 percentage point to 28.8%.</li>
<li>Perceptions and expectations about households’ financial situations both deteriorated with larger shares of households reporting a worse financial situation compared to a year ago and expecting a worse financial situation a year from now, and smaller shares of households reporting or expecting a better financial situation. </li>
<li>The mean perceived probability that U.S. stock prices will be higher 12 months from now decreased by 0.5 percentage point to 40.9%. </li>
</ul>
<p> <br>
<strong>About the Survey of Consumer Expectations (SCE)</strong><br>
<strong><br>
</strong>The SCE contains information about how consumers expect overall inflation and prices for food, gas, housing, and education to behave. It also provides insight into Americans’ views about job prospects and earnings growth and their expectations about future spending and access to credit. The SCE also provides measures of uncertainty regarding consumers’ outlooks. Expectations are also available by age, geography, income, education, and numeracy. </p>
<p>The SCE is a nationally representative, internet-based survey of a rotating panel of approximately 1,300 household heads. Respondents participate in the panel for up to 12 months, with a roughly equal number rotating in and out of the panel each month. Unlike comparable surveys based on repeated cross-sections with a different set of respondents in each wave, this panel allows us to observe the changes in expectations and behavior of the same individuals over time. For further information on the SCE, please refer to an overview of the survey methodology <a href="/medialibrary/media/research/epr/2017/epr_2017_survey-consumer-expectations_armantier.pdf">here</a>, the <a href="/microeconomics/sce/sce-faq">FAQs</a>, the <a href="/medialibrary/interactives/sce/sce/downloads/glossary/frbny-sce-chartglossary.pdf">interactive chart guide</a>, and the survey <a href="/medialibrary/interactives/sce/sce/downloads/data/frbny-sce-survey-core-module-public-questionnaire.pdf">questionnaire</a>.</p>
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