Median one-year-ahead earnings growth expectations fell from 2.7 percent in June to 2.4 percent in July, dropping out of the 2.5-2.7 percent range the series remained in since November 2017. Median inflation expectations at the one-year horizon were unchanged at 3.0 percent, while they declined by 0.1 point at the three-year horizon to 2.9 percent. Consumers also expect higher growth in taxes and seem less optimistic about stock price growth.
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Press Release: Consumers Less Optimistic about Stock Price Growth and Expect Larger Increase in Taxes