A New York Federal Reserve survey released Monday shows consumers are bracing for inflation to remain above the central bank's 2% target in the long term.
"A strong majority of committee participants expect that it will be appropriate to raise interest rates two or more times by the end of the year," Powell said at the end of June, referring to the Federal Open Market Committee. "Inflation pressures continue to run high, and the process of getting inflation back down to 2% has a long way to go."
Policymakers lifted the benchmark federal funds rate 10 consecutive times over the span of 15 months before hitting pause in June. However, they have signaled that additional tightening is on the table amid signs of underlying inflationary pressure within the economy. More concerning is that economists expect core inflation – which excludes the more volatile measurements of food and energy – to increase 0.3% for the month and 5% from the previous year.
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