The New York Fed is out with a new report that surveys businesses on pricing and broad year-ahead inflation expectations have risen from 3% last year at this time to 3.5% among manufacturing firms from 3% to 4% among service firms.
The report also highlighted that over 80% of both services and manufacturing firms used some imported goods.
If there is some good news for the Fed it's that longer-term inflation expectations haven't risen, at least not yet.
"More survey data on inflation expectations in the months ahead will help clarify whether higher expectations are just temporary or more persistent," the report said.
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