Fed Chair Powell: Near-term measures of inflation expectations have moved up over recent months

Inflation has eased significantly from its highs in mid 2022, but remains somewhat elevated relative to our 2% longerrun goal. Estimates based on the consumer price index and other data indicate that total PCE prices rose 2.3% over the 12 months ending in May and that excluding the volatile food and energy categories, core PCE prices rose 2.6%. Near-term measures of inflation expectations have moved up over recent months as reflected in both market and surveybased measures.Respondents to surveys of consumer ...