The Invisible Tax of Rising Inflation Expectations

In late September, the Federal Reserve survey hit a three-year high for one-year inflation outlooks. With core CPI holding at 337.8 and job openings cooling to 7,079 thousand, Lucas and Luna explore how rising consumer expectations act as an invisible tax on spending power. They break down why this psychological shift matters more than current price tags for the S&P 500 and your wallet in October 2026.

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