According to The New York Fed's latest survey, the public's short-term expectations for inflation surged to 6% - a new record high.
Interestingly, longer-run expectations for inflation eased a bit in November (for the first time since June).
The New York Fed noted that:
"the decline in medium-term expectations was driven by respondents without a college degree" and said "measures of disagreement across respondents...increased at both horizons to new series highs."
For now, it did nothing to reassure stock market investors that The Fed will stray from its path of accelerated taper and take-off for rates. And that sent stocks legging lower again...
The survey showed that respondents expected prices of everything (from gold to rent, and from college to food) to continue accelerating higher.
Get back to work Mr.Powell.