Whose expectations augment the Phillips curve?

- Policymakers should monitor disaggregated survey data when analyzing inflation dynamics.
- Different demographic groups' expectations have varying significance in the Phillips curve.
- High-income, highly-educated males' expectations have greatest weight in the Phillips curve.

This letter uses consumer survey data to estimate expectations-augmented Phillips curves with inflation expectations disaggregated by socioeconomic and demographic groups. The inflation expectations of high-income, college-educated, male, and working-age people play a larger role in inflation dynamics than do the expectations of other groups of consumers or of professional forecasters.