Consumers expect to spend less over the coming weeks because of declining optimism about their financial situations, the Federal Reserve Bank of New York said.

Median household spending growth expectations fell by 0.1 of a percentage point to 5.3% in August, according to the Fed’s monthly Survey of Consumer Expectations.

The less optimistic outlook comes as more consumers said it was harder to obtain credit now compared to a year earlier.

In addition, fewer consumers said they expect growth in their household income, with the median expected growth in that category dropping 0.3 percentage points to 2.9%, the lowest since July 2021.

In another measure included in the New York Fed’s report, consumers’ expectations for rising inflation increased in August. Median one-year inflation expectations rose 0.1 percentage points to 3.6% and median five-year inflation expectations rose 0.1 percentage points to 3%.

Hostess shareholders will receive $34.25 in cash and stock for each share, the companies said Monday. J.M. Smucker’s offer is a 22% premium to Hostess’ stock price at the close of trading on Sept. 8.

Snack foods like Twinkies are one of the few growth areas in the packaged food market, boosting the value of Hostess, according to Bloomberg.

Hostess, founded in 1930 and based in Lenexa, Kansas, also makes the snack cakes Ding Dongs, Voortman cookies and Dolly Madison donuts.

J.M. Smucker, based in Orrville, Ohio, also makes Jif peanut butter and Folgers coffee, among other products.

Instacart, the online grocery delivery service, is preparing for an initial public offering that would value the company at as much as $9.3 billion.

Instacart and its investment bankers will set an offer price of $26 to $28 per share, according to a regulatory filing.

The San Francisco-based company expects to raise about $616 million in proceeds from the offering, which would be one of the largest IPOs in 2023.

PepsiCo is expected to purchase $175 million Instacart shares as part of a separate private placement.