The Federal Reserve will make only modest progress in its fight against inflation for the rest of this year, even while keeping its benchmark interest rate at a 16-year high, a group of business economists predict in a survey released Monday.
The National Association for Business Economics' survey of 45 economists found that the median forecast is for inflation to average 4.2% this year, up from a 3.9% forecast in the group's previous survey in February. That is far above the Fed's inflation target of 2%.
The findings reflect a survey of economists from businesses, trade associations and academia.
