Attenuated Progress

Americans' near-term inflation expectations are drifting higher again. That's not the best news. Inflation's in part a psychological phenomenon. If you think stuff's likely to be more expensive tomorrow, you'll be inclined to buy stuff today (assuming you have the wherewithal) and that pull-forward effect can push up prices, particularly if the economy's supply constrained. Inflation expectations rose to 3.3% at the 12-month point in the April vintage of the New York Fed's consumer survey, rel