Zero Hedge: While central banks, tenured economists and the financial media are doing everything in their propaganda power to convince Americans that the current phase of hyperinflation is merely transitory (although it now appears that even the Fed is getting some doubts writing in its semi annual monetary policy report that inflation is “more lasting but likely still temporary” until proven otherwise, of course), the shocking reality on the ground is that the Fed has effectively lost control over near-term inflation expectations, as the NY Fed’s own survey of consumer expectations reveals.
“And I heard a voice in the midst of the four living creatures saying, “A [d]quart of wheat for a denarius, and three quarts of barley for a denarius; and do not harm the oil and the wine.” Revelation 6:6
According to the latest, June, installment of this closely watched survey, consumer inflation expectations for one year ahead, jumped by the most on record, surging by 0.8% in one month, from 4.0% in May to an all-time high for this series of 4.8% in June.
