I HAD BEEN ASSURED THAT INFLATION WAS IMAGINARY, TRANSITORY, HIGH-CLASS, AND BASICALLY OVER ALREADY: Federal Reserve minutes indicate worries over lack of progress on inflation. “Consumer surveys indicate increasing worries. For instance, the University of Michigan consumer sentiment survey showed the one-year outlook at 3.5%, the highest since November, while overall optimism slumped. A New York Fed survey showed similar results.”

Wages haven’t caught up with inflation and consumers have already burned through their savings and maxed out their credit cards. Spending has to give.