- For the last decade, the Federal Open Market Committee (FOMC) has set itself an inflation target of 2% — a goal it has extraordinary power to control.
- Yet, year after year, the FOMC has never successfully delivered on that target.
- In December of 2020, the FOMC projected inflation would be 1.8%.
- After Congress passed a massive stimulus bill in March, it raised its forecast to 2.4%.
- CPI actually rose 4.5%.