The December 2024 economic projections from the central bank show significant changes from the September figures. They indicate rising inflation and potential impact.

More importantly, inflation is also proving stubborn. Some argue that the Fed should be willing to tolerate (even if only implicitly, rather than explicitly) inflation being a bit higher for a bit longer than it theoretically should. Mohamed A. El-Erian over on Bloomberg Opinion explains this “3% inflation target” view here.

Americans hoping for lower borrowing costs for homes, credit cards and cars may be disappointed after this week’s Federal Reserve meeting.