But I continue to believe that the underlying rate inflation in the U.S. economy is hovering close to our 2 percent longer-run objective and, thus, that the unwelcome surge in inflation this year, once these relative price adjustments are complete and bottlenecks have unclogged, will in the end prove to be largely transitory.
And this is a forecast that is shared by the vast majority of economists in the private sector, such as those surveyed by Bloomberg and Blue Chip.