For the third time in the last five months, inflation expectations have matched record lows. To hear officials and Economists talk, you'd think they were at or nearing record highs. The unemployment rate, after all, is at a 50-year low point which by mainstream reckoning should mean the cusp of an epic wage-driven breakout.
According to the University of Michigan's Surveys of Consumers, it's just not there. In fact, it's never been there. Like bond yields, there has only been conspicuous lack of any evidence to back up the claim the labor market is tight.