According to the latest New York Fed data, consumers think elevated inflation is here to stay for the next 3 years. They don't think it's a short-term problem. If inflation is above 3.5% 3 years from now, then the Fed would have exceeded its inflation target. (Source: Apollo.) pic.twitter.com/Tlpz2bhJo8
— Michael R. Strain (@MichaelRStrain) August 14, 2021