The Fed is taking barbs on inflation today from Larry Summers and Mohammed El-Erian and this latest data point isn't exactly helpful.
The NY Fed survey of consumer inflation expectations showed one-year ahead at 6.0% from 5.7% in October. The news is better for the longer-term, which most concerns the Fed. The three-year number fell to 4.0% from 4.2%.
The survey has run since 2013 and the NY Fed noted that uncertainty around short and medium expectations has risen to the highest since the survey was introduced.
