Is Inflation Expectations Unmoored?

The big difference between the cyclical and temporary spike in inflation can be quite long, temporary. The big structural break is that inflation expectations change when it is truly broken. And again, I think they're still anchored, but the risks are growing that they could become unanchored. If we had evidence today that people up and down the country believe that in the year 2027, inflation is in the double digits, then we know there is behavior.