Mitchell Hartman

But right now, my main role is to be a good mom, you know, and watch my son grow up.

And I really hope to share this project with him one day.

If we do this, this is a decision that will affect all life on the planet.

I don't think it should be up to a couple guys in California.

Inflation expectations are inflating.

The University of Michigan reports that consumers expect prices to rise 4.8% over the next year.

Back in February, it was just 3.4%.

Here's why this is a problem.

Joanne Xu directs the University of Michigan surveys.

Another way this can happen is what economists call a wage price spiral.

Prices are shooting up.

You see no end in sight.

You can also measure inflation expectations by asking businesses.

The Philadelphia Fed's latest survey finds local firms expect a sharp spike in U.S.

inflation over the next year to 4.2 percent.

But they say they'll raise their own prices on average just 2.8 percent.

Philly Fed economist Paul Flora is pretty sure they're lowballing.

One more place to look for inflation expectations, says economist Mark Zandi at Moody's Analytics, the bond market, where investors are also signaling they expect inflation to move higher.

If the trend continues, he says the Fed will have to hike interest rates to tamp them back down.

I'm Mitchell Hartman for Marketplace.