CNBC’s Steve Liesman joins 'Money Movers' to discuss the latest from the NY Fed.

A recent survey from the New York Federal Reserve indicates that job seekers' outlook has reached a record low, with the probability of finding a job dropping to its lowest point since the survey began in 2013. The report also shows that inflation expectations for the near term have remained mostly stable, with one-year ahead expectations slightly up, but longer-term expectations unchanged and still above the Fed's 2% target.

The survey further notes a slight decline in rent price expectations and stable food price expectations. Meanwhile, expectations for spending growth increased modestly. The findings come as the Federal Reserve prepares to consider a potential interest rate cut, with ongoing discussions about the impact of its policies on inflation and employment expectations.

NY Fed Survey finds the outlook for job seekers hit record low

We're getting some breaking news out of the New York Fed. Steve Leisman has it for us. Morning, Steve. Sarah, thanks. Data from the New York Fed showing inflation expectations coming in largely unchanged for August. An important report for the Fed as they move to consider and likely deliver the first interest rate cut in nine months. One-year head inflation expectations up 0.1% to 3.2%. The three-year and the five-year, the ones the Fed pays more attention to, unchanged, however, at 2.9%, 3% and 2.9%. All are above that 2% target, and it's the third consecutive gain for the one-year ahead number, which is now running very close to the core inflation rate, but the longer-term numbers are at least stable. New York Fed saying that rent price expectations declined by 1% to 6%, food unchanged at 5.5%. It's a critical week for data, with markets having gotten the stag part of the stagflation equation last week in the weak jobs numbers report. And the flation part, well, we'll see if it comes this week. You have the benchmark revisions Tuesday, Wednesday producer price inflation, Thursday consumer prices. New York Fed said in their consumer expectations report saying spending growth expectations grew by 0.1% to 5%. Probability of finding a job, though, fell to the lowest level of the series, and that's since 2013, and that's almost 6% down. Mean unemployment expectations rising to 39.1%, up 1.7 percentage points. The probability of losing a job rising 0.1% to 14.5%. A question the Fed has to answer is the extent to which its own tight policies may be keeping these expectations in check, whether looser polities can unloose those expectations. Guys? I brought up this issue of Fed credibility and credibility in U.S. financial assets because I was I was zeroing in on Ken Griffin's op-ed in the Wall Street Journal today, Steve, and one thing he talked about was higher interest rates is one place you would see it elevated long-term rates if there was a loss of credibility, say, on the debt and but also on on the Fed's ability to control inflation. Then he also talked about inflation expectations potentially being unanchored as a place to see it. I'm just wondering what your take is on all of this. Well, it's an important part of how the Fed believes that inflation works. It works through an expectations channel, and keeping it under control is a big part of how the Fed thinks it keeps inflation under control. None of this operates, I think, Sarah, you know, on a month-to-month basis. It's a long-term game the Fed tries to play. That's why next week, look not only at what the Fed does in terms of cutting rates, but look at the SEP, the long-term expectations. If the Fed says rates are coming down over time, that's going to potentially loosen expectations. So the Fed has to play a long game here, and it plays a game through its forecast expectations. And so it's something you may not want to mess with right now. It seems like the market is looking through the pressure from the administration on the Fed, but that may be more because of current situation rather than over the long term, where you could have an erosion.

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Breakdown