The year-ahead inflation expectations in the United States, as compiled by the survey of the University of Michigan, fell for the second month to 4.2% in July 2026, the lowest since March, down from 4.6% in June, preliminary estimates showed. Still, the figure remained well above the 3.4% recorded in February, before the Iran conflict began. In the meantime, the five-year inflation outlook stood at a three-month low of 3.3% in July, unchanged from June.