US 1-Year Inflation Expectations Jump to 3.90% in September

New York Fed survey shows 1-year inflation expectations rose sharply to 3.90% from 3.58%, beating forecasts of 3.64%. The 3-year expectation also climbed to 3.3% from 3.2%, while 5-year held at 3.0%. This signals consumers expect near-term price pressure, tightening the Fed's reaction function as it weighs PCE inflation in rate decisions ahead of Trump's speech and FOMC minutes today.