{"id":10724,"date":"2026-05-15T12:48:17","date_gmt":"2026-05-15T12:48:17","guid":{"rendered":"https:\/\/www.rbc.com\/en\/economics\/?p=10724"},"modified":"2026-05-20T14:51:39","modified_gmt":"2026-05-20T14:51:39","slug":"a-quiet-week-with-a-loud-inflation-complaint","status":"publish","type":"post","link":"https:\/\/www.rbc.com\/en\/economics\/us-week-ahead\/a-quiet-week-with-a-loud-inflation-complaint\/","title":{"rendered":"A quiet week with a loud inflation complaint"},"content":{"rendered":"\n<section class=\"wp-block-rbc-section-block  pos-rel\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner\" style=\"border-radius:0x\">\n<div class=\"wp-block-columns pad-t-hlf mob-pad-t-hlf pad-b-hlf mob-pad-b-hlf pad-l-hlf mob-pad-l-hlf pad-r-hlf mob-pad-r-hlf has-rbc-bright-blue-tint-4-background-color has-background is-layout-flex wp-container-core-columns-is-layout-c94bf079 wp-block-columns-is-layout-flex\" style=\"border-style:none;border-width:0px;border-radius:5px\">\n<div class=\"wp-block-column pad-b-hlf mob-pad-b-hlf pad-t-hlf mob-pad-t-hlf is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:98%\">\n<div class=\"wp-block-media-text is-stacked-on-mobile is-vertically-aligned-center mar-l-hlf pad-l-hlf\" style=\"grid-template-columns:22% auto\"><figure class=\"wp-block-media-text__media\"><img loading=\"lazy\" decoding=\"async\" width=\"1767\" height=\"1632\" src=\"https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2025\/12\/Icon-calend-dec-19-25.png?quality=80&amp;w=1024\" alt=\"\" class=\"wp-image-6212 size-full\" srcset=\"https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2025\/12\/Icon-calend-dec-19-25.png 1767w, https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2025\/12\/Icon-calend-dec-19-25.png?resize=300,277 300w, https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2025\/12\/Icon-calend-dec-19-25.png?resize=768,709 768w, https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2025\/12\/Icon-calend-dec-19-25.png?resize=1024,946 1024w, https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2025\/12\/Icon-calend-dec-19-25.png?resize=1536,1419 1536w\" sizes=\"auto, (max-width: 1767px) 100vw, 1767px\" \/><\/figure><div class=\"wp-block-media-text__content\">\n<p class=\"wp-block-paragraph\" id=\"Intro\">Next week will be quiet on the data front but we will get some useful signals coming from University of Michigan consumer sentiment, S&amp;P PMIs, as well as some regional Fed Surveys (Kansas City Fed Manufacturing and Services, New York Fed Services, and Philadelphia Fed Business Outlook). We expect all of these will continue to show rising concerns about inflation.<\/p>\n<\/div><\/div>\n<\/div>\n<\/div>\n\n\n\n<p class=\"wp-block-paragraph\">Specifically, we are watching final inflation expectations for May \u2013 with elevated gas prices, consumers are increasingly concerned about inflation. One-year expectations have been heating up since 2025 but spiked materially since the oil price shock \u2013 from 3.4% in February to 4.5% in the preliminary May release. The preliminary data captured two weeks of interviews (April 21st to May 4th); the final release adds two additional weeks of elevated prices. Gas prices have not trended higher since May 4th, but in a volatile environment, survey timing matters. While consumer sentiment has become less useful from a forecasting perspective, persistently elevated inflation expectations are a concern for the Fed, especially as it relates to wage pressures. If higher gas prices become more entrenched (among other things like food and clothing), consumers are likely to demand wage adjustments. The April FOMC meeting minutes on Wednesday may offer a better sense of how the committee is viewing the risks around inflation and wages following the strong employment report.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Regardless of the Fed\u2019s near-term decisions, sticky long-end rates <a href=\"https:\/\/www.rbc.com\/en\/economics\/us-analysis\/us-featured-analysis\/us-housing-market-the-deep-freeze-continues\/\" target=\"_blank\" data-dig-id=\"LP-U.S.WeekAhead-10724-3d033f2e\" data-dig-category=\"LP-U.S.WeekAhead\" data-dig-action=\"link click\" data-dig-label=\"will continue to hold the US housing market hostage\" rel=\"noreferrer noopener\" class=\"rbc-link-format\">will continue to hold the US housing market hostage<\/a>. <strong>We expect building permits ticked up in April (to 1446K)<\/strong> \u2013 mortgage purchase applications remained above year-ago levels (+6% y\/y), which is supportive. But even with an uptick, permits will be constrained by affordability on the demand side and cost pressures on the supply side. <strong>Housing starts are expected to fall slightly (to 1490K).<\/strong> Permit issuance typically leads starts by one month and permits fell between February and March.<\/p>\n\n\n\n<figure data-wp-context=\"{&quot;imageId&quot;:&quot;6a23abdcb3d65&quot;}\" data-wp-interactive=\"core\/image\" data-wp-key=\"6a23abdcb3d65\" class=\"wp-block-image aligncenter size-full wp-lightbox-container\"><img loading=\"lazy\" decoding=\"async\" width=\"792\" height=\"659\" data-wp-class--hide=\"state.isContentHidden\" data-wp-class--show=\"state.isContentVisible\" data-wp-init=\"callbacks.setButtonStyles\" data-wp-on--click=\"actions.showLightbox\" data-wp-on--load=\"callbacks.setButtonStyles\" data-wp-on--pointerdown=\"actions.preloadImage\" data-wp-on--pointerenter=\"actions.preloadImageWithDelay\" data-wp-on--pointerleave=\"actions.cancelPreload\" data-wp-on-window--resize=\"callbacks.setButtonStyles\" src=\"https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2026\/05\/Screenshot-2026-05-15-083112.png?quality=80\" alt=\"\" class=\"wp-image-10729\" style=\"object-fit:cover\" srcset=\"https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2026\/05\/Screenshot-2026-05-15-083112.png 792w, https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2026\/05\/Screenshot-2026-05-15-083112.png?resize=300,250 300w, https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2026\/05\/Screenshot-2026-05-15-083112.png?resize=768,639 768w\" sizes=\"auto, (max-width: 792px) 100vw, 792px\" \/><button\n\t\t\tclass=\"lightbox-trigger\"\n\t\t\ttype=\"button\"\n\t\t\taria-haspopup=\"dialog\"\n\t\t\tdata-wp-bind--aria-label=\"state.thisImage.triggerButtonAriaLabel\"\n\t\t\tdata-wp-init=\"callbacks.initTriggerButton\"\n\t\t\tdata-wp-on--click=\"actions.showLightbox\"\n\t\t\tdata-wp-style--right=\"state.thisImage.buttonRight\"\n\t\t\tdata-wp-style--top=\"state.thisImage.buttonTop\"\n\t\t>\n\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"12\" height=\"12\" fill=\"none\" viewBox=\"0 0 12 12\">\n\t\t\t\t<path fill=\"#fff\" d=\"M2 0a2 2 0 0 0-2 2v2h1.5V2a.5.5 0 0 1 .5-.5h2V0H2Zm2 10.5H2a.5.5 0 0 1-.5-.5V8H0v2a2 2 0 0 0 2 2h2v-1.5ZM8 12v-1.5h2a.5.5 0 0 0 .5-.5V8H12v2a2 2 0 0 1-2 2H8Zm2-12a2 2 0 0 1 2 2v2h-1.5V2a.5.5 0 0 0-.5-.5H8V0h2Z\" \/>\n\t\t\t<\/svg>\n\t\t<\/button><\/figure>\n\n\n\n<p class=\"mar-t wp-block-paragraph\"><strong>Aside from the housing market data, we expect to see jobless claims hold steady for the week ending May 16<sup>th<\/sup><\/strong>. Both initial and continuing claims have moved lower on a four-week moving average basis since the fall. We continue to expect that the unemployment rate will move sideways through the remainder of the year, despite recent headlines announcing layoffs.<\/p>\n\n\n\n<figure data-wp-context=\"{&quot;imageId&quot;:&quot;6a23abdcb47e6&quot;}\" data-wp-interactive=\"core\/image\" data-wp-key=\"6a23abdcb47e6\" class=\"wp-block-image size-full wp-lightbox-container\"><img loading=\"lazy\" decoding=\"async\" width=\"5741\" height=\"2108\" data-wp-class--hide=\"state.isContentHidden\" data-wp-class--show=\"state.isContentVisible\" data-wp-init=\"callbacks.setButtonStyles\" data-wp-on--click=\"actions.showLightbox\" data-wp-on--load=\"callbacks.setButtonStyles\" data-wp-on--pointerdown=\"actions.preloadImage\" data-wp-on--pointerenter=\"actions.preloadImageWithDelay\" data-wp-on--pointerleave=\"actions.cancelPreload\" data-wp-on-window--resize=\"callbacks.setButtonStyles\" src=\"https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2026\/05\/US-WA-May-15-2026.png?quality=80\" alt=\"\" class=\"wp-image-10731\" srcset=\"https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2026\/05\/US-WA-May-15-2026.png 5741w, https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2026\/05\/US-WA-May-15-2026.png?resize=300,110 300w, https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2026\/05\/US-WA-May-15-2026.png?resize=768,282 768w, https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2026\/05\/US-WA-May-15-2026.png?resize=1024,376 1024w, https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2026\/05\/US-WA-May-15-2026.png?resize=1536,564 1536w, https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2026\/05\/US-WA-May-15-2026.png?resize=2048,752 2048w\" sizes=\"auto, (max-width: 5741px) 100vw, 5741px\" \/><button\n\t\t\tclass=\"lightbox-trigger\"\n\t\t\ttype=\"button\"\n\t\t\taria-haspopup=\"dialog\"\n\t\t\tdata-wp-bind--aria-label=\"state.thisImage.triggerButtonAriaLabel\"\n\t\t\tdata-wp-init=\"callbacks.initTriggerButton\"\n\t\t\tdata-wp-on--click=\"actions.showLightbox\"\n\t\t\tdata-wp-style--right=\"state.thisImage.buttonRight\"\n\t\t\tdata-wp-style--top=\"state.thisImage.buttonTop\"\n\t\t>\n\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"12\" height=\"12\" fill=\"none\" viewBox=\"0 0 12 12\">\n\t\t\t\t<path fill=\"#fff\" d=\"M2 0a2 2 0 0 0-2 2v2h1.5V2a.5.5 0 0 1 .5-.5h2V0H2Zm2 10.5H2a.5.5 0 0 1-.5-.5V8H0v2a2 2 0 0 0 2 2h2v-1.5ZM8 12v-1.5h2a.5.5 0 0 0 .5-.5V8H12v2a2 2 0 0 1-2 2H8Zm2-12a2 2 0 0 1 2 2v2h-1.5V2a.5.5 0 0 0-.5-.5H8V0h2Z\" \/>\n\t\t\t<\/svg>\n\t\t<\/button><\/figure>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity is-style-wide wide\" \/>\n\n\n\n<p class=\"has-text-align-center wp-block-paragraph\"><strong>About the Authors:<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><em><strong>Mike Reid<\/strong>&nbsp;is Head of US Economics at RBC. He is responsible for generating RBC\u2019s US economic outlook, providing commentary on macro indicators, and producing written analysis around the economic backdrop.<\/em><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><em><strong>Carrie Freestone<\/strong>&nbsp;is a Senior US Economist&nbsp; at RBC. Carrie is responsible for projecting key US indicators including GDP, employment, consumer spending and inflation for the US. She also contributes to commentary surrounding the US economic backdrop which she delivers to clients through publications, presentations, and the media.&nbsp;<\/em><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><em><strong>Imri Haggin<\/strong>&nbsp;is an <em>US<\/em><\/em> <em>Economist at RBC, where he focuses on thematic research. His prior work has centered on consumer credit dynamics and treasury modeling, with an emphasis on leveraging data to understand behavior.<\/em><\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity is-style-wide wide\" \/>\n<\/div>\n<\/section>\n","protected":false},"excerpt":{"rendered":"","protected":false},"author":318,"featured_media":4524,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"advgb_blocks_editor_width":"","advgb_blocks_columns_visual_guide":"","footnotes":""},"categories":[86],"tags":[11,118,17,65,58,110],"rbc_econ_content_type":[],"class_list":["post-10724","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-us-week-ahead","tag-economy","tag-fed","tag-housing","tag-inflation","tag-labour-market","tag-u-s"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.5 (Yoast SEO v27.5) - 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