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This might be a better presentation (and it says the same thing as my earlier version).

When the Fed was HIKING (red) in 2022 and 2023, inflation expectations went DOWN and stayed down.

Inflation expectations held steady when the Fed was on HOLD (gray).

When the Fed was Cutting (green), inflation expectations went UP and have been rising.

This is classic "inflation cycle" behavior.

Inflation expectations rise when the Fed cuts (not fighting inflation) and fall when it hikes (fighting inflation).

@FedGuy12 @yardeni