As prices continue to march higher for food, gas, and just about everything else, everyday people are beginning to realize that maybe inflation won't be as 'transitory' as the Federal Reserve continues to assert.
According to the New York Fed's Survey of Consumer Expectations, inflation expectations for three years from now jumped to 4.2% - the highest level in the survey dataset – and to 5.3% for one year out. But expectations for income growth are way behind expected inflation, at just 2.9%. If these expectations come true, Americans will be forced into a lower standard of living as expenses outrun incomes.