US Inflation Expectations Drop Sharply in New York Fed Survey

The video discusses the ongoing concerns about inflation and its impact on household spending. It highlights the Federal Reserve's focus on controlling inflation expectations and the potential effects on their rate hike strategy. The transcript reviews recent changes in inflation outlooks, including gas prices and rental increases, and examines the impact of the Fed's aggressive rate hikes on the housing market. It also covers expectations for the upcoming CPI report and consumer sentiment survey, emphasizing the importance of short-term inflation expectations and their correlation with wage inflation.

What is the significance of the upcoming University of Michigan Consumer Sentiment survey?

Discuss the relationship between wage inflation and inflation expectations as mentioned in the text.