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Long Term Inflation Expectations Are Lagging
I'm not convinced that consumers right now have a good sense really, at what inflations going to be out five years in future, or ten years in the future. So i think when the fe looks at these long term inflation expectation numbers as if theywe were really signalling some intense attitudes about long term inflation on the part of consumers, i think that's as probably misleading,. Those are almost certainly lagging indicators.