Afternoon Note
Pain
The session began with a little gusto, but it was snuffed out quickly when the New York Federal Reserve released its latest survey on Consumer Expectations.
Their prediction?
Pain! More inflation pain.
NY Fed
The New York Fed Consumer Inflation Expectations survey came in above consensus today surging back to the highest level since last November.
Everything Going Higher
Consumers are bracing for higher inflation across the board.
Every Demographic Suffering
Demographically, high school educated, and the 40-59 old brackets see the fastest gains.
This report mirrors the University of Michigan Sentiment report that saw a massive swoon in buying conditions for homes, vehicles, and large household appliances.
This just thickens the plot even more ahead of the CPI report this week.
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