in a range of 5.25% to 5.5%, Fed Chair Jerome Powell noted in a press conference that inflation remains "well above the longer run goal of 2 percent."inflation ending 2023 lower than officials had previously thought, however. The SEP indicated the Federal Reserve sees core inflation finishing at 3.7% this year — lower than June's projection of 3.9% — before cooling to 2.6 % next year and 2.3% in 2025.Those projections will be put to the test once again this week.
"If our forecasts are correct, real personal consumption expenditures will continue a 12-month streak of growth," Well's Fargo's team of economists wrote in a research note on Friday. "That said, the loosening labor market, less marked improvement in inflation and resumption of student loan payments are headwinds to real PCE in the coming months. Consumer confidence, which we forecast declined to 105.7 in August [from 106.
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