Has The Fed Lost Control? Americans Inflation Expectations Soar To Record High As Fed Blows Hot Air

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According to a recent Fed survey consumer inflation expectations for one year ahead hit a fresh all-time high for this series of 5.18 in August, up sharply from 4.84% in June. "Median one-year-ahead inflation expectations increased by 0.3 percentage point to 5.2% in August, the tenth consecutive monthly increase and a new series high" the NY Fed said without a trace of irony even as its economists plead with the public that this spike will last at most a few more months, hence "transitory."
over the next year consumers expect gasoline prices to rise 9.19%; food prices to rise 7.92%; medical costs to rise 9.67%; the price of a college education to rise 7.03%; rent prices to rise 9.99%; medical care to increase by 0.2% to 9.7%. While the expected price of college education decreased by 0.5 percentage point to 7.0%, offsetting this, however, the median one-year-ahead expected change in the price of gas increased by 1.1 percentage points to 9.2%, while rent prices notched up from 9.7% to 9.8%. Curiously, the price of gold is expected to jump 4.9% after being in the 2.3% range for much of the past decade.