The Federal Reserve Bank of New York said in a report on Monday that Americans expect long-term low inflation amid a sharp decline in the projected rate of growth in domestic prices.
The bank said in its June consumer expectations survey that three years from now, respondents see inflation at 3.6% growth, down from 3.9% growth in May. The bank also said that five years from now, the expected rate of inflation is expected to rise to 2.8%, up from the 2.9% projected last month.