Although inflation came in slower than expected last month, it is still at an uncomfortably high level. And the Fed is expected to remain adamant and continue with its aggressive rate hikes to bring inflation down to a benchmark target rate of 2%.
“Whatever progress we’ve seen has to be sustained a month from now, when we get the August CPI report,” Greg McBride, chief financial analyst at Bankrate.com. said. “Otherwise, this will be quickly forgotten. So I think it’s a little bit early to be revising the Fed’s forecast based on a number that may not be repeated next month,” he added.
