I'm completely uninterested in any story about how the May YoY rise in the price index is going to induce rising inflationary expectations that can't also explain how the sharp Jan - May 2020 decline in the (seasonally adjusted) price index didn't induce deflationary expectations. And really I think it should also explain why the relatively modest May 2YoY price index change doesn't produce stable expectations.
I'm completely uninterested in any story about how the May YoY rise in the price index is going to induce rising inflationary expectations that can't also explain how the sharp Jan - May 2020 decline in the (seasonally adjusted) price index didn't induce deflationary expectations. And really I think it should also explain why the relatively modest May 2YoY price index change doesn't produce stable expectations.