Third, the projections now include a forecast of overall consumer price inflation, as measured by the price index for personal consumption expenditures (PCE), a broad price index that corresponds closely to the price stability objective in the Federal Reserve's dual mandate.
A forthcoming Fed research note estimates that a quarter of households have less than $ combined in their bank accounts. 7 For these households, the difference between waiting for a payment to clear and receiving a payment in real time is not merely an inconvenience; it could tip the balance toward overdraft fees, bounced checks, or collections fees.