Proceedings of the Federal Reserve Conference: Officials' expectations for inflation in the next two years are higher than in April

On 9 July, the minutes of the Federal Reserve Conference stated: “Most participants stressed that if inflation rates remained above 2 per cent for consecutive years, continuing high inflation levels could begin to affect inflation expectations and wage and price-setting decisions.” Federal Reserve officials have also indicated that their inflation projections for this year and the coming year are higher than those previously set for the April meeting, which once again shows concern about inflation. Staff forecast that the core inflation rate, which already exceeds 3 per cent, will remain largely unchanged for the remainder of the year。