January’s Surveys of Consumers found expectations for future inflation increased, reflecting growing concerns about tariffs Trump has promised. The New York Times quotes SCA’s director, Joanne Hsu: “These consumers generally report that tariff hikes will pass through to consumers in the form of higher prices. Recent data show an emergence of inflationary psychology — motives for buying-in-advance to avoid future price increases, the proliferation of which would generate further momentum for inflation.”