“The drop in five-to-10-year inflation expectations … is a seriously welcome development.”

Ian Shepherdson, chief economist at Pantheon Macroeconomics, commenting on the latest consumer sentiment survey that indicated that despite rising gasoline prices, Americans’ expectation of inflation rates in the year ahead fell to a 3.1 percent rate in September, down from 3.5 percent in the prior month. Read the CNN article, “Despite Rising Gas Prices, Americans Feel More Optimistic About Inflation’s Future.”