Inflation appears to be coming down. And based on bond prices and consumer expectations, it will fall further. But one indicator is stubbornly high. The New York Fed's Survey of Consumer's Expectations shows there is still a great deal of uncertainty around what inflation will be in the next few years. The costs of inflation is not just the level, but also the risk it introduces into people's lives. It makes it harder to plan and set prices. The high rates of uncertainty suggest the battle has not been won yet.
Source: New York FED
Allison Schrager is a senior fellow at the Manhattan Institute. Follow her on Twitter here.
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