Short-term U.S. inflation expectations eased in June, with the New York Federal Reserve’s monthly Survey of Consumer Expectations showing the median one-year outlook slipping to 3.0% from 3.2% in May. The three-year and five-year gauges were steady at 3.0% and 2.6%, respectively, bringing the survey back to the levels seen before the spring tariff-related bump. Beyond prices, the survey pointed to a firmer labor market backdrop. The mean perceived probability of losing one’s job in the next 12 months declined to 14%, its lowest reading since December 2024, while the mean expectation that unemployment will be higher a year from now fell to 39.7%. Expected earnings growth edged down 0.2 percentage point to 2.5%. Households also reported improved personal finances and easier credit access. Expected home-price appreciation held at 3%, but respondents anticipated faster increases in rent, gas, medical care and college costs. Inflation uncertainty narrowed at the one- and three-year horizons, suggesting consumers are growing more confident that price pressures are moderating.