Don't expect prices to go down soon: It will take a while to 'wring extra inflation out of the economy,' says economist
Publishing timestamp: 2023-10-12 08:49:01
Summary
The latest consumer price index report shows that inflation in the US stayed flat in September, but it is still above the Federal Reserve's target. The central bank does not expect inflation to reach its target until at least 2026. Core inflation has slowed in the past few months but is still higher than desired. Persistently high inflation means that interest rates on credit cards, loans, and auto financing will remain elevated. The Federal Reserve has been trying to slow inflation through rate hikes, and interest rates are at their highest levels in years. The future of rate hikes is uncertain, and the Fed may prefer to be patient and observe developments.
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Keywords: united states, personnel, prices, pnc financial services group inc,
Source: https://www.cnbc.com/2023/10/12/inflation-isnt-getting-worse-but-prices-will-remain-high.html