• In the first of a run of key readings on inflation, consumer spending and sentiment that could determine whether the U.S. central bank presses on with interest rate hikes or pauses to measure the fallout from bank failures that prompted it to take emergency action, the New York Fed’s Survey of Consumer Expectations on Monday showed respondents said inflation would stand at 4.2% a year from now.
• Meanwhile, the expected level of inflation three years from now held steady at 2.7%, matching the level last seen in October 2020, while expected inflation five years from now was seen hitting 2.6%, up from January’s 2.5%.