Per the NY Fed survey, consumers revised lower their expectations for 3y ahead inflation to a low not seen since 2013 (2.3%), all while leaving their inflation expectations unchanged for 1y ahead (3.0%) and 5 year ahead (2.8%). I guess the answer is consumers believe inflation will really fall 2 years and 3 years from now and then rise again, or something like that. Or the answer is consumers surveyed don't really understand how to estimate inflation? For some reason the NY Fed made it a point to call out that the biggest decline in 3y ahead inflation expectations was in the the demographic with incomes below $50K. This is perhaps somewhat puzzling given the outsize toll inflation has had on lower income households. The 2Y is sitting 4.01% and the 10Y at 3.90%.
U.S. troops building up in the Middle East has been sending oil higher, lest you forget geopolitical impacts on inflation.
Inflation data starts today with PPI.
XTOD: As the world awaits Iran/Hezbollah's retaliation against Israel, the price of crude oil is up ~12% in a week and showing no signs of peaking (at least not yet).
XTOD: If Microsoft and Google were their own countries, they would each rank between Serbia and Jordan in total electricity used in 2023.
XTOD: Report: NFL sets meetings with private equity groups http://reut.rs/4fJ8OWc
XTOD: "I’ve seen men die at the age of 25, yet buried at the age of 75." -Benjamin Franklin
https://x.com/biancoresearch/status/1823103820148138094
https://x.com/nomiprins/status/1823132659012264279
https://x.com/Reuters/status/1823136191039885481
https://x.com/dollarsanddata/status/1822973983861391390
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