Inflation expectations among U.S. consumers over the medium term rose to the highest level on record in the Federal Reserve Bank of New York’s surveys, according to the latest edition published Monday.
Consumers said they expect inflation at 4% over the next three years, up 0.3 percentage point from a month earlier.
The median expectation for the inflation rate in a year’s time also rose by 0.3 percentage point to 5.2% in August, the tenth consecutive monthly increase and a new high in the series, which goes back to 2013.
The Fed survey showed that Americans are expecting higher rates of price increases for items like rent and food that make up a big chunk of the consumer price basket and can’t easily be substituted.
Economists surveyed by Bloomberg expect slightly lower rates of inflation. The latest poll, published on Sept. 10, forecast an average increase in prices of 4.3% this year and 3% in 2022.
Meanwhile, expectations that wages will keep pace with the acceleration in prices are starting to cool. The median one-year-ahead expectation for earnings growth dropped 0.4 percentage point to 2.5%, with respondents over the age of 40 largely driving the decline.
Still, overall expectations for household incomes rose by 0.1 percentage point to 3%, a new series high.
With over 600 clients, the $71 billion RIA acquirer's latest partner marks its second transaction in Oklahoma.
Also, wealth.com enters Commonwealth's tech stack, while Tifin@work deepens an expanded partnership.
Back office workers and support staff are particularly vulnerable when big broker-dealers lay off staff.
The fintech giant is doubling down on its strategy to reach independent advisors through a newly created leadership role.
The two firms are strengthening their presence in California with advisor teams from RBC and Silicon Valley Bank.
How intelliflo aims to solve advisors' top tech headaches—without sacrificing the personal touch clients crave
From direct lending to asset-based finance to commercial real estate debt.
