One Year Inflation Expectations Upside Surprise
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Michigan 1 year expectations at 4.3% vs 3.3% Bloomberg consensus.
Figure 1: Year-on-Year CPI inflation (bold black), one year ahead Michigan (red), NY Fed (green), all in %. Source: BLS, U.Michigan and NY Fed.
A one percentage point increase in y/y expected inflation is over two standard deviations from expected.
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