The New York Federal Reserve said on Feb. 14 that American consumer fears of rapidly rising inflation rates in the long term seem to have eased, according to its monthly survey of consumer expectations. Those surveyed hold short-term and medium-term expectations for inflation above pre-pandemic levels. Consumers said they expect the cost of food, rent, fuel, education, precious metals, and medical care to rise more slowly in the year ahead. The survey also showed that the median household expects one-year-ahead earnings growth to rise by 3 percent, the same as last month, higher than last year’s average gain estimates of 2.6 percent. However, the survey results marked the first time since October 2020 that one-year inflation expectations decreased, dropping to a median of 5.8 percent in January from 6 percent in December. Inflation expectations for the next three years declined to 3.5 percent in January from 4 percent in December, …