Friday saw the FANG (Growth) dream briefly crushed, and that pain continued through the opening this morning. But then something happened that sent the Nasdaq surging…

Perhaps this is why…

U.S. consumer inflation expectations declined last month to near the lowest levels in the four-year history of a survey conducted by the Federal Reserve Bank of New York. As Bloomberg reports, the median respondent to the May survey of consumers reported an expected inflation rate of 2.47 percent three years from now, down from 2.91 percent in April and just above the 2.45 percent low recorded in January 2016 in a series that goes back to 2013.

The data may add to concerns over a recent decline in U.S. inflation, which has led investors to take a skeptical view toward additional Fed interest-rate increases.

And as the chart above shows, Value-over-Growth has been tracking inflation expectations lower for years (i.e. as inflation expectations tumble, investors are willing to bid for anything that is ‘growing’) and thus – this morning’s print reinforced the longer-term trend and sparked a rebound bid for FANG et al…