The Fed is losing control!
Despite multiple attempts by US policymakers to convince Americans otherwise, consumers' concerns over the spectre of inflation are at an all-time-high.
Consumer expectations for inflation for one year ahead, as per the September survey, are now at their highest point ever of 5.31%. It represents an increase from 5.18% recorded in August.
The New York Fed's September survey of consumers "shows short- and medium-term inflation expectations rising to their highest levels since the inception of the survey in 2013." https://t.co/lTHKgv8xQP pic.twitter.com/odEvONosrh— Lisa Abramowicz (@lisaabramowicz1) October 12, 2021
"Median short-term (one-year-ahead) inflation expectations increased by 0.1 percentage point in September to 5.3%, the eleventh consecutive monthly increase and a new series high since the inception of the survey in 2013" the NY Fed said, having convinced the public repeatedly that inflation was a transitory phenomenon.
This is the type of nonsense peddled by the mainstream media as being expert economic analysis. Higher #inflation isn't good for the economy, and it's particularly harmful to average Americans. Unfortunately it's not transitory and it will get much worse. https://t.co/Q0QoohPw8O— Peter Schiff (@PeterSchiff) October 11, 2021
The data also revealed that an astonishing 25% of respondents believe that inflation could reach double digits in a year’s time.
Americans are of the view, according to the Fed’s survey, that price rises will be across the board, from rent to food and more.
Gas prices are expected to rise by 5.9%, in line with surging oil prices. Consumers expect the cost of food to jump 7%, while rent is expected to rise by 9.7%. College educations, gold and medical care are all also expected to see big increases.
Coming to a country near you soon (already here if not using fake gov numbers)— Stalingrad & Poorski (@Stalingrad_Poor) October 8, 2021
Brazil’s inflation hits double digits, punishing the poorhttps://t.co/WDMWy0VjlA
Looking over a three-year period, consumers reckon prices will rise by 4.19%, up from 4%, a clear sign that the American public feels the notion of transitory inflation is far from the truth.
Both the Fed's 1-Year and 3-Year inflation expectations are now above those observed most recently in the UMich consumer sentiment survey, where the 1Y expectations were flat at 4.6% while the 5-10 inflation expectations rose to 3.0%. Expect both numbers to rise in coming months. pic.twitter.com/k44LiPmMU2— Special Situations 🌐 Newsletter (Jay Singh III) (@SpecialSitsNews) October 12, 2021