Michigan's 5-Year Inflation Print Is Really About Rent

Consumers are deciding if high housing costs are permanent or a blip.

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How the tape may move from the last update’s mark — not from the open, and not the session % already printed.

If expectations rise, the Fed must hold rates higher for longer to combat structural inflation.

Expected Move From Here -1.5% to +2.0% From last update, not from the open

Certainty 62%

Why

Consumer psychology is slow to change; a single print may not shift the trend immediately.