By and large, the market-based indicators of inflation compensation and the expert surveys indicate that long-term inflation expectations remain close to the two per cent target, while near-term inflation expectations are quite elevated. In the CES, the medium-term inflation expectations of households also remain well below the near-term inflation expectations.
Across all available sources, macroeconomic expectations  (and prospects at the individual level) suggest a high degree of concern about a potential economic slowdown, a general recognition that supply shocks will generate both near-term inflation surges and a decline in the economic outlook, which in turn will constrain the persistence of inflation.