Fed staff says Wall Street is getting inflation call all wrong

The Federal Reserve's army of more than 400 Ph.D. economists has a message on inflation for policymakers and the American public: Chill out.

A woman passes an entrance of the New York Stock Exchange, Wednesday, June 16, 2021. Foto: AP Photo/Richard Drew

While some officials are publicly anxious about rising prices and Wall Street has ramped up its forecasts, the Fed's staff in Washington predicts inflation will be back under 2% in 2022, according to minutes of last month's Federal Open Market Committee meeting released Oct. 13.

As well as being below the FOMC's long-term 2% target, it's less than half the 4.3% pace that the Fed's preferred measure of price pressures recorded in the year through August...

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