Fed meeting minutes: Staff slightly raised inflation forecasts for this year

On November 27th, Jinshi Data reported that the minutes of the Fed meeting showed that at the November meeting, staff predictions were that the economic situation would remain solid, and staff raised their assessment of potential output rise. In terms of inflation, the staff's inflation forecast for 2024 was slightly higher than the previous meeting's forecast, reflecting the recent data. Thereafter, the outlook was similar to the previous forecast: as the supply and demand of labor and product markets continue to move towards better balance, overall personal consumption expenditure price inflation and core personal consumption expenditure price inflation are expected to further decline. By 2026, overall inflation and core inflation are expected to reach 2%.