June 10 Reuters The U.S. publics outlook on the future path of inflation was mixed in May, according to a report on Monday from the Federal Reserve Bank of New York.

The bank found that as part of its monthly survey on the state of consumer expectations that the public believes inflation a year from now will be 3.2 compared with Aprils expectation of 3.3, while three years from now expected inflation held steady at 2.8. Five years from now survey respondents see inflation at 3 from Aprils projected 2.8.

The survey also found that the expected rise in home prices held steady at 3.3 last month, while the yearahead expected rise for gasoline prices was flat at 4.8. Also unchanged relative to the prior month was an expected 5.3 rise in food prices and a 9.1 increase in rent. Future medical care costs were expected to be higher relative to the April reading.

The New York Fed report comes just ahead of the start of this weeks Federal Open Market Committee meeting. Officials are widely expected to keep their overnight interest rate target range unchanged at between 5.25 and 5.5 as they search for fresh evidence price pressures have cooled enough to allow them to lower rates.

Expectations of rate cuts for this year have wilted amid unexpectedly sturdy inflation. Fed officials believe the expected path of inflation has a strong influence on its current readings. They39;ve said inflation expectations data shows the public remains confident the central bank will bring price…