Asia markets set for mixed open ahead of key data from Japan and China

Consumers grew more confident last month that the inflation rate will continue to fall over the short and long terms, according to a New York Federal Reserve survey released Monday.

The July Survey of Consumer Expectations showed that respondents expect inflation a year from now to be at 3.5%, down from the 3.8% projection June. The three- and five-year outlooks also edged lower to 3% and 2.9% respectively. Despite the outlook for a declining rate, households expect sending to increase 5.4% a year from now, up from 5.2% in June but below the long-term average of 6.1%. Expectations for home price growth nudged lower to 2.8% while expectations for gas and food price increases also fell slightly to 4.5% and 5.2% respectively.

"I don't think the Fed will take any action in the September meeting, but I think an estimate that by middle of next year, they'll feel that it's appropriate to cut rates isn't unreasonable," Kaplan said on CNBC's "." "I don't know if it'll turn out that way. But that's as good as expectation is any I think at this point."

He hedged a bit, though, saying that high levels of government spending will put pressure on bond yields and could force the Fed to stay tight.

Source: Financial Digest (financialdigest.net)

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