"Rising Inflation Frustrates Consumers and Delays Fed Rate Cuts"

Consumers are becoming increasingly frustrated as inflation expectations rise, with the latest University of Michigan survey showing an anticipated inflation rate of 3.1% in the next year. This comes after a period of declining expectations, signaling a potential stall in the inflation slowdown. The Federal Reserve has emphasized the importance of public perception in managing inflation, with Chair Jerome Powell highlighting the significance of maintaining expectations at the 2% target. While economists don't view the current inflation expectations as a serious concern for the Fed, the rise in expectations could raise some eyebrows.