Moment.js formatting date field to a day earlier than it should

This is a very small little bug I’m trying to fix in my code. I have a React component with this initial state

const initialFormData = Object.freeze({
    date: Moment(new Date()).format('YYYY-MM-DD'),
    price_per_gallon: '',
    trip_distance: '',
    gallons: '',
    car: ''
});

const [formData, updateFormData] = useState(initialFormData);

Which is used in a form like so:

<MuiPickersUtilsProvider utils={DateFnsUtils}>
    <Grid container justifyContent="space-around">
        <KeyboardDatePicker
            fullWidth
            disableToolbar
            inputVariant="outlined"
            format="yyyy-MM-dd"
            margin="normal"
            id="date-picker-inline"
            label="Date of Fillup"
            name="date"
            value={formData.date}
            onChange={handleDateChange}
            KeyboardButtonProps={{
                'aria-label': 'change date',
        }}
        />
    </Grid>
</MuiPickersUtilsProvider>

I’ve done console.logs to see that the Moment(new Date()).format(‘YYYY-MM-DD’) shows today’s date, as I want, but for some reason when the component renders it has the default date in the field as yesterday, but if I were to get rid of initializing the date with the Moment instance and just have it be ‘new Date()’, it renders with today’s date correctly.

Any idea why this could be? Kind of wracking my brain here, I just want the default date on my form to be whatever the current day is, and need to format it to YYYY-MM-DD because that’s how my API sends and receives the data