For the fifth year running, Fed officials find themselves expecting inflation to fall back to their 2% goal only to be confronted with a new disruption that complicates the path

核心观点 - 一系列供应侧挫折导致价格持续高于目标水平已达五年目前官方需量化此情况对利率政策的具体影响 [1] 供应与价格动态 - 供应侧遭遇一系列挫折 [1] - 价格水平因此持续高于政策目标此状态已维持五年 [1] 政策影响 - 当前政策制定者面临的核心任务是评估供应问题对利率的量化影响 [1]