Home Business Inflation Cooling Down: CBO Predicts Fed Target Reached in 2024

Inflation Cooling Down: CBO Predicts Fed Target Reached in 2024

by Sonia Park
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Inflation Cooling Down: CBO Predicts Fed Target Reached in 2024

In a welcome sign for American consumers, the Congressional Budget Office (CBO) has predicted that inflation is on track to hit the Federal Reserve's two-percent target in 2024. The CBO's latest economic forecast projects a significant decline in inflation from its near three-percent average in 2023 to just two-point-one percent next year.

According to the CBO, this cooling down of inflation will be driven by "softer labor markets and slower increases in rents." As the economy cools, the demand for workers is expected to decrease, leading to potentially slower wage growth. Additionally, the housing. . .

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