In New York the median rent for a one-bedroom just crossed $4,500, by one estimate.

The economy — and life —has changed a lot since.

Because data lags, the current level is uncertain. Plus, key factors like unemployment and the commercial property market are volatile.

Despite high prices, “wages are growing faster than inflation,” and families’ purchasing power is growing, he says.

Optimism has increased, but it’s still below a 50-year average, a National Federation of Independent Business survey shows.

Consumers’ price expectations influence how they save and spend their money, potentially creating self-fulfilling prophecies.

The New York Fed is scheduled to report on consumer inflation expectations Monday morning, producer prices Tuesday and the consumer price index on Wednesday.

Since the late 1970s, the Federal Reserve has had two main jobs: ensuring stable prices and maximum employment. How often does it achieve both at the same time?

The Fed is slowing the pace of shrinking its bond holdings, aka quantitative tightening, perhaps before easing its interest rate stance.

The Fed has a series of tools in its arsenal to influence interest rates, including the all-important federal funds rate.