Highlights of the latest NY Fed survey:Three-year inflation expectations 3.3% vs 3.1% prior -- highest since June 2022Five year inflation expectations unchanged at 3%Gasoline price expectations ease to lowest since Aug 2022Households more upbeat about current and expected personal financesLabor market expectations improvedWell this is decisively hawkish. The data has been rolling in and everything (including the stock market) is ticking higher. It has to be worrisome for the Fed that inflation expectations rose even as gasoline prices fell.My belief is that Kevin Warsh is moreworried about inflation then he’s letting on and is trying to talk tough so hedoesn’t have to hike. It’s increasingly clear there will be inflationaryimpacts from the insane capex spree in AI and how it will reverberate intocosts. The boom in equities is going to reverberate as well and it’s steadilyshowing up among consumers, at least in the mid-to-high incomes. Another way of putting it is that Warsh is in denial that he’s going to have to hike. He can play for timefor awhile and the latest non-farm payrolls report is helpful but the dataabout a strong consumer and inflation is adding up. This article was written by Adam Button at investinglive.com.