The Federal Reserve Bank of New York's monthly Survey of Consumer Expectations showed on Monday that the US consumers' one-year inflation expectation rose to 4.7% compared to 4.2% in February, the lowest level since May 2021.

Further details of the publication showed that the three-year ahead expected inflation rose to 2.8% versus 2.7% of the previous month. The five-year ahead expected inflation edged lower to 2.5% from 2.6%.

"Credit access perceptions deteriorated, with the share of households reporting that it is harder to obtain credit than one year ago rising and reaching a series high", added the report.