On average, Fed policymakers now expect their benchmark rate to reach 5.1% next year — up from 4.6% they were projecting in September.
Rents continue to climb, but Fed officials believe the worst of shelter inflation may be behind us. Increases in market rents have slowed since spring.The biggest concern now is the rising price of services, which is primarily driven by the cost of labor. With a tight job market, wages have been climbing rapidly. While that's good for workers, it tends to stoke the flames of inflation.
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