Americans’ longer-term inflation outlook worsened in July, with expected inflation five years from now at 2.9%, the highest since March. The rise in inflation expectations may be due to concerns over President Trump’s tariff increases. Some officials believe the impact will be temporary, while others fear lasting inflation. The New York Fed report also noted a 3% expected rise in home prices and mixed views on the labor market. However, households reported improved current and future financial situations in July. Overall, inflation concerns persist as policymakers gauge the impact of tariffs on the economy.

Read more at Yahoo Finance: New York Fed finds rise in longer-run expected inflation in July