CNBC's Steve Liesman reports on the latest news surrounding the New York Fed survey, which shows inflation expectations unchanged and labor market outlook improving.

The New York Federal Reserve's recent survey indicates that one-year, three-year, and five-year inflation expectations remain unchanged at 3.2%, 3%, and 3%, respectively, though these levels are still considered elevated. The survey also notes that expectations for inflation in food, gas, medical care, and rent have risen, while labor market indicators such as unemployment expectations and job loss concerns have improved.

The economic outlook for the current and upcoming quarters appears healthy, but some key data is still missing for a complete assessment. The Federal Reserve and market participants are monitoring these results closely, especially as yields continue to rise and speculation grows over the potential appointment of Kevin Hassett as Fed chair.

NY Fed: Inflation expectations unchanged

Good morning, Sarah. Yeah, some good breaking news from the New York Fed with inflation expectations unchanged and labor market indicators improving. Let's go through them. The one year, the three year and the five year inflation expectations from the New York Fed survey all unchanged 323 and three. Now these are all a bit elevated, but it's good news that they're not going up. Inflation expectations rise for food, gas, medical care. A big increase there and rent as well. Now there's fodder for both hawks and doves in these numbers. The hawks are going to say the key. The key is that they're elevated level of inflation expectations and not coming down. The doves see the same data and say point out that they have remained stable and find support for their outlook. The tariff inflation won't get worse and is passing through the economy. Take a look at the labor market indicators. Unemployment expectations down a bit elevated, though, but down four tenths. Job loss concerns also down again a little bit elevated and the confidence in finding a job. If you lose it, that's up. So all three indicators talking positively when it comes to the issue of the jobs outlook, housing, income and spending expectations were both higher. So far, the economic outlook pretty healthy for what we know for this quarter and next. But, you know, key data is missing that provide a clearer picture. So survey data like this, Sarah, being closely watched at the Fed and on the street. Wonder what you make of this backup and yields. We're seeing it continuing from from last week into a Fed that is expected to cut interest rates. Yeah, this is going to be a concern for the Fed if as a year ago when the Fed cut rates, rates go the other way. Mortgage rates are also ticking up as well. Look, I have a whole bunch of commentary out there. Some say, look, there's a lot going on in the market right now, including overseas where Japanese yields are rising. And there's a kind of sympathetic increase here. But there's another aspect, which is some people are pointing to the kind of definitive or the sense that Kevin Hassett will be the Fed chair. And there's concern about that, that he is somebody who will be more beholden to the president than the idea of low inflation. So there is that concern. So if you look at the five day chart, they say, or the six or seven day chart, say, you know what, since the president said it was going to be Hassett, rates have gone up not tremendously. So it's unclear to me that that's definitively it. But I am getting some notes on that, Sarah.

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London

Ukraine Invasion

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Breakdown