Links of the day

Macroblog's post today "Is The Fed Losing Ground On The Expectations Front?" provides a quote from Federal Reserve Governor Lawrence Meyer's Macroeconomic Advisors' most recent inflation newsletter to the effect that "whatever the markets view as the source of inflationary pressure in the near term, they do not expect it to continue at longer horizons. That is, recent inflation developments have been seen as unfavorable, but transitory." Based on that analysis, I would say that the answer to the title question is NO!