Headline inflation could have come down over the past 12 months, but consumers’ expectations about future inflation haven’t. Actually, five-year expected inflation has been inching up slightly than down in recent months, in accordance with the University of Michigan consumer survey.

The median expectation is that inflation will run at a 3.1% annualized pace over the subsequent five years; you could have to return to 2008 to search out the next reading. The mean expectation, which skews higher, is the very best it’s been for the reason that mid-Nineteen Nineties.

Such…