Important in that regard is the fact that longer-run inflation expectations have been well anchored, as is apparent in the stability of the five-to-ten-year inflation expectations of households in the Michigan SRC survey and in the reading implicit in Treasuryinflation-protected securities.
The observations I've just shared illustrate the evolving economic forces that the Federal Open Market Committee (FOMC) will consider as it makes monetary policy decisions over the remainder of the year. The FOMC has raised the target federal funds rate 25 basis points at each of the past fifteen meetings over roughly two years.