According to online reports, the New York Fed found in its latest survey that consumers expect inflation expectations for the coming year to be lower than a month ago. The May consumer expectations survey showed one-year inflation expectations at 3.2%, down 0.4 percentage points from a month ago. Three-year inflation expectations fell to 3% from 3.2% in April. Five-year inflation expectations fell to 2.6%, from 2.7%. Previously, the Trump administration canceled some of the high tariffs imposed in early April. At the same time, the U.S. CPI as of April this year fell further to 2.3%.