Paul Krugman

@paulkrugman ↗

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Last Checked July 24, 2022

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Sun Jun 26 12:23:35 +0000 2022

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Paul Krugman @paulkrugman

So there was a big fuss when the long-standing Michigan Survey seemed to show a jump in 5-10 inflation expectations — Powell cited it in justifying the latest Fed hike. But it was a false alarm. Most of the bump has been revised away. 4/ — PolitiTweet.org

Posted June 26, 2022

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Paul Krugman @paulkrugman

And getting entrenched inflation down probably requires a sustained period of above-normal unemployment. So we want to know if inflation is entrenched in expectations — something we try to judge not by 1-year expectations (which are mainly gas prices) but by medium term 3/ — PolitiTweet.org

Posted June 26, 2022

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Paul Krugman @paulkrugman

At this point every measure I'm aware of suggests that the public expects inflation to be high in the near future, but then fade away. Big contrast with 1980, when Volcker was bringing on the pain 5/ — PolitiTweet.org

Posted June 26, 2022