Introducing a new survey of U.S. firms' inflation expectations, we document key stylized facts involving what U ….S. firms know and expect about inflation and monetary policy. The resulting time series of firms' inflation expectations … "anchored" expectations, the inflation expectations of U.S. managers appear far from anchored, much like those of households …

We show that, to form aggregate inflation expectations, consumers rely on the price changes they face in their daily …, matter for individuals' inflation expectations. To document these facts, we collect novel micro data for a representative US … sample that uniquely match individual expectations, detailed information about consumption bundles, and item-level prices …