Inflation expectations · United States
United States Michigan 5 Year Inflation Expectations Final
The United States Michigan 5 Year Inflation Expectations Final measures the inflation that households, businesses or professional forecasters in the United States expect over the coming months or years.
- Importance
- Medium
- Released
- Monthly
- Next release
- Currency
- USD · US dollar
- Central bank
- The Federal Reserve
Latest figures
The latest release for OCT, published on 23 October 2026, came in at 3.5%, in line with the consensus of 3.5%, up from 3.4% the time before.
A result in line with the consensus usually causes little reaction: it was already priced in.
Over the last 12 releases it ranged from 3.2% to 3.9%, averaging 3.4%; it has been rising for three releases in a row.
| Released | For | Actual | Consensus | Previous |
|---|---|---|---|---|
| 23 Oct 2026 | OCT | 3.5% | 3.5% | 3.4% |
| 25 Sep 2026 | SEP | 3.4% | 3.4% | 3.3% |
| 28 Aug 2026 | AUG | 3.3% | 3.3% | 3.3% |
| 31 Jul 2026 | JUL | 3.3% | – | 3.3% |
| 26 Jun 2026 | JUN | 3.3% | 3.4% | 3.9% |
| 22 May 2026 | MAY | 3.9% | 3.4% | 3.5% |
| 24 Apr 2026 | APR | 3.5% | 3.4% | 3.2% |
| 27 Mar 2026 | MAR | 3.2% | 3.2% | 3.3% |
| 20 Feb 2026 | FEB | 3.3% | 3.4% | 3.3% |
| 23 Jan 2026 | JAN | 3.3% | 3.4% | 3.2% |
| 19 Dec 2025 | DEC | 3.2% | 3.2% | 3.4% |
| 21 Nov 2025 | NOV | 3.4% | 3.6% | 3.9% |
Why it matters
Expectations feed into wage demands and price setting, so inflation can become self-fulfilling. Central banks watch them closely: well-anchored expectations near the target let the Federal Reserve look through temporary price jumps.
How it is calculated
Survey respondents give their own estimate of future price growth; the release reports the median or average. Market-based versions use the gap between ordinary and inflation-linked bond yields.
What changes mean
- Rising long-term expectations are a red flag for central banks.
- Short-term expectations follow petrol and food prices closely.
Higher than expected: A higher figure than expected makes the Federal Reserve more likely to keep rates high or raise them: it tends to support the US dollar and push bond yields up, and is often a weight on stocks.
Lower than expected: A lower figure than expected gives the Federal Reserve room to cut or hold rates lower: the US dollar tends to soften and bond yields to fall.
A short history
Expectations became central to economics with the work of Milton Friedman and Edmund Phelps in the late 1960s; the University of Michigan has asked US households about the prices they expect since its first surveys after the Second World War, and for a numeric inflation rate since the late 1970s.
Questions
What is the United States Michigan 5 Year Inflation Expectations Final?
The United States Michigan 5 Year Inflation Expectations Final measures the inflation that households, businesses or professional forecasters in the United States expect over the coming months or years.
What was the latest United States Michigan 5 Year Inflation Expectations Final?
3.5% for OCT, published on 23 October 2026 (consensus 3.5%, previous 3.4%).
When is the next United States Michigan 5 Year Inflation Expectations Final?
On Friday 20 November 2026 at 15:00 UTC.
Educational content only, not investment advice. Figures are the published results as recorded by our calendar; market reactions described are typical, not guaranteed.