The Fed is tracking incoming labor figures as it decides how high interest rates need to go and how long they should stay elevated.
Economists misjudged how much staying power inflation would have. Next year could be better — but there’s ample room for humility.
Americans are extremely attuned to the cost of living, and as midterm election voters head to the polls, they are divided over whom to blame.
Jerome H. Powell, who is well liked across the political spectrum, is presiding over the fastest interest rate increases in generations, with another one expected this week.
Federal Reserve officials are barreling toward another three-quarter point increase in November, and they may decide to do more as inflation refuses to budge.
Inflation rose quickly in September and a key measure accelerated to the fastest pace since 1982, underlining the persistence of price increases.
Wall Street will watch the central bank’s economic forecasts closely on Wednesday, when another jumbo-size rate increase is expected.
Inflation is less about pandemic and war surprises and more about economic momentum. That could make the solution more painful.
Neel Kashkari, the president of the Federal Reserve Bank of Minneapolis, said the Fed had more work to do in trying to control price increases.
Prices climbed 9.1 percent from a year earlier, ramping up pressure on the Federal Reserve to continue raising interest rates.