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Expand chart
Data: CivicScience; Chart: Axios Visuals

A survey from data firm CivicScience provided first to Axios shows more than three-quarters of American consumers are concerned about inflation.

Between the lines: 42% of those respondents said they were "very concerned," which was more than double the share (17%) that said they were "not at all concerned."

Why it matters: As I've written before, inflation is a self-fulfilling prophecy and is driven largely by expectations.

  • When people expect costs to rise they behave accordingly — they demand higher pay, raise rents and increase the cost of goods and services. All of those things push inflation higher.

Why you'll hear about this again: Perhaps the survey's most intriguing data point is that young people who have never before experienced runaway inflation are the most worried.

  • Gen Z reports they are "very concerned" at the highest rate, although overall concern is greatest among people between 35 and 54.

One level deeper: Expectations for inflation also align closely with expectations for how much longer the coronavirus pandemic will impact the economy.

  • Of those who expect the virus to last just 1-3 more weeks, 73% report being "very concerned" and nearly 90% say they are at least somewhat concerned.
  • Conversely, among those who expect the pandemic's effects to stick around for at least six months, just 38% are very concerned.

What's happening: The public looks to be catching up to market participants in their worries about inflation and responding to rising prices, especially for rent and gasoline. Those jumped by 9% and 9.6%, respectively, in February, according to the New York Fed.

  • Investors have been selling off U.S. Treasury bonds, recently pushing yields on government debt to their highest levels since January 2020, and sending 5-year breakeven inflation rates to the highest since 2008 last week.
  • The latest survey of global asset managers commissioned by Bank of America found that inflation is the number one risk for the market, displacing COVID-19 for the first time since February 2020.
  • A net 93% of investors in the survey said they expect inflation to rise in the next 12 months, the highest reading in the history of the survey, which dates back to at least 1995.

The last word: Chair Jerome Powell and the Fed appear to be getting what they want with rising inflation that should soon push PCE, the Fed's favored inflation gauge, above the central bank's 2% target.

  • But whether inflation will remain "anchored" there and not spike to problematic levels remains to be seen.

Go deeper

Almost half of small businesses fear closing before end of Q2

Expand chart

Half of all women-owned businesses and nearly 6 in 10 small businesses owned by people of color (59%) are "highly concerned" about keeping their firms solvent through the end of the second quarter, a new survey from Alignable shows.

The big picture: Almost half of all businesses (45%) said they were "highly concerned" about their ability to keep the lights on, including close to two-thirds of all beauty salons (63%) and caterers (63%).

Jan. 6 panel subpoenas 2 far-right "America First" activists

The House panel investigating the Capitol riot, from left; Reps. Bennie Thompson, Liz Cheney, Adam Kinzinger and Jamie Raskin on Capitol Hill in December. Photo: Drew Angerer/Getty Images

The House select committee investigating the Capitol riot issued subpoenas Wednesday for far-right leaders Nick Fuentes and Patrick Casey, who allegedly encouraged followers to go to D.C. and challenge the 2020 election results.

Why it matters: The action underscores the panel's increasing focus on rallies held ahead of the Capitol attack and how extremists were drawn to former President Trump's baseless claims of widespread voter fraud, per the New York Times.

Democrats fail to change Senate rules to pass voting rights bill

Senate Majority Leader during a news conference in Washington, D.C., on Wednesday. Photo: Alex Wong/Getty Images

Democrats failed Wednesday night to change Senate filibuster rules to pass the voting rights bill, with Sens. Joe Manchin (D-W.Va.) and Kyrsten Sinema (D-Ariz.) voting with Republicans.

The big picture: The failed effort came after Senate Republicans blocked the voting rights measure from coming to a final vote earlier Wednesday.