Numbers, graphs, and economics are difficult. Here's an explanation of what this means from The Economist:
Other indicators of consumer expectations look similarly distressing. Consumer confidence, we learned yesterday, is down. And David Beckworth directs us to a fantastic new feature at the Cleveland Fed, which tracks changes in long-run inflation expectations over time.
Not only is inflation expected to be comfortably below the 2% target for the next ten years, but long-run inflation expectations, going out 30 years, have declined over the past month. This is a problem. And it is a little worrisome that the response from policymakers is a myopic focus on austerity.