1/2 * Blue is the public's view of inflation expectations. It is very high. The Fed might describe it as "unanchored." * Orange is the outlook from bond traders. It remains "well contained" in Fed Speak. Powell includes this standard language near the beginning of every press conference. Here is the October 29, 2025, version. We understand that our actions affect communities, families, and businesses across the country. Everything we do is in service to our public mission. We at the Fed will do everything we can to achieve our maximum employment and price stability goals. Which measure should matter more to the Fed? We would argue the public's view. Powell's repeated explanation of how the Fed works should lead him to agree.(Jim Bianco)