Two new surveys show that consumer fears about inflation are declining and optimism is rising. The New York Fed survey found consumers expect 3.4% inflation over the coming year, down from previous months. The University of Michigan survey also found a sharp drop in expected inflation. This is good news for President Biden, who has struggled with low approval ratings on the economy as high inflation has persisted. The surveys come after strong recent jobs and wage growth numbers, as well as record holiday shopping numbers so far, which suggest the economy remains resilient despite inflation. Economists say Biden's stimulus likely contributed to inflation but the data shows the underlying economy is still strong.