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The NY Fed indicates that short-term inflation expectations increase while U.S. consumers struggle with mounting credit difficulties.

A March 10 survey by the Federal Reserve Bank of New York released a survey showing that access to credit has become more difficult than it was a year ago, reaching the highest level since 2014 in more than a decade. (2023 REUTERS/Rachel Wisniewski)

[ニューヨーク 10日 ロイター] A March 10 survey by the Federal Reserve Bank of New York showed that access to credit has become more difficult than it was a year ago, reaching the highest level in nearly a decade since 2014.

Pessimism about future credit acquisition has also increased, with the survey results “increasing the percentage of households who said it would be difficult to obtain credit after one year.”

Inflation expectations one year ahead rose to 4.7% from 4.2% the previous month. It was the first increase since October last year.

Three years ahead was also 2.8%, up from 2.7% in the previous month. The five-year outlook fell to 2.5% from 2.6% the previous month.

While short-term inflation expectations have risen, consumers expect petrol, food and rent prices to fall. At the same time, house prices are expected to rise 1.8%.

They also expected an increase in household income and expenses, and responded that their current and future financial situation had improved.

The latest survey was conducted after the collapse of Silicon Valley Bank (SVB) and others.

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