Sign up for our daily briefing

Make your busy days simpler with Axios AM/PM. Catch up on what's new and why it matters in just 5 minutes.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Catch up on the day's biggest business stories

Subscribe to Axios Closer for insights into the day’s business news and trends and why they matter

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Stay on top of the latest market trends

Subscribe to Axios Markets for the latest market trends and economic insights. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Sports news worthy of your time

Binge on the stats and stories that drive the sports world with Axios Sports. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Tech news worthy of your time

Get our smart take on technology from the Valley and D.C. with Axios Login. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Get the inside stories

Get an insider's guide to the new White House with Axios Sneak Peek. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Axios on your phone

Get breaking news and scoops on the go with the Axios app.

Download for free.

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Denver news?

Get a daily digest of the most important stories affecting your hometown with Axios Denver

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Des Moines news?

Get a daily digest of the most important stories affecting your hometown with Axios Des Moines

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Twin Cities news?

Get a daily digest of the most important stories affecting your hometown with Axios Twin Cities

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Tampa Bay news?

Get a daily digest of the most important stories affecting your hometown with Axios Tampa Bay

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Charlotte news?

Get a daily digest of the most important stories affecting your hometown with Axios Charlotte

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Sign up for Axios NW Arkansas

Stay up-to-date on the most important and interesting stories affecting NW Arkansas, authored by local reporters

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!
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

Dion Rabouin, author of Markets
Mar 24, 2021 - Economy & Business

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%).

California wildfire explodes in size, destroys historic town

Battalion Chief Sergio Mora looks on as the Dixie fire burns through downtown Greenville, Calif. on Aug. 4, 2021. Photo: Josh EdelsonAFP via Getty Images

The small Sierra town of Greenville, California, was heavily damaged on Wednesday night into early Thursday as the Dixie Fire surged northward amid high winds, extremely dry air and hot temperatures.

The latest: The Dixie Fire, California's biggest blaze, continued to threaten communities in Plumas County into Thursday night, as more mandatory evacuation orders were issued in the region.

Updated 4 hours ago - Politics & Policy

Top labor leader Richard Trumka dies unexpectedly at 72

Photo: Samuel Corum/Getty Images

AFL-CIO president Richard Trumka, who led the largest federation of unions in the country for over a decade, has died at 72.

The big picture: Trumka began working as a coal miner in 1968 and would go on to dedicate his life to the labor movement, including as president of the 12.5 million-member AFL-CIO beginning in 2009.