But stocks seem relatively unperturbed on Tuesday, with the SPDR S&P 500 ETF Trust (SPY) trading near breakeven on the day. The June Survey of Consumer Expectations revealed that median inflation projections for the the next year surged to 4.8%, a 0.8 percentage point rise from May and the loftiest reading since 2013. “The headline CPI numbers have shock value, for sure; however, once you realize that a third of the increase is used car prices, the transitory picture becomes more clear,” wrote Jamie Cox, managing partner at Harris Financial Group.