Mark Hulbert: Americans expect inflation to stay painfully high. That’s good news for stocks.


Headline inflation may have come down over the past year, but consumers’ expectations about future inflation have not. In fact, five-year expected inflation has been inching up rather than down in recent months, according to the University of Michigan consumer survey.

The median expectation is that inflation will run at a 3.1% annualized pace over the next five years; you have to go back to 2008 to find a higher reading. The mean expectation, which skews higher, is the highest it’s been since the mid-1990s.


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