The New York Fed survey began in 2013. The one-year ahead expected inflation reading was also the lowest of the year. GOOD NEWS FOR FED'S INFLATION STRUGGLESThe expected path of inflation is a key variable in that process. A large part of the near-term fall in expected inflation is likely tied toward recent declines in always-volatile gasoline prices. The New York Fed reported that respondents said in November they see household incomes rising by 4.5%, from October’s 4.3%, a record-high reading.

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