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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
