The latest U Mich 1-yr inflation expectations crept up to 4.9% from 4.4% last month. But this is the odd thing: ➡️every single cohort, Dems, Independents, Republicans expect less inflation ➡️how does the total inflation line rise? ➡️maybe more "Dems" in the survey Bottom line: highlighting why this survey is increasingly less reliable PS: we know what has happened since 2022 --> buy the dip