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Fed officials projected inflation averaging 2.1 percent in the fourth quarter of 2020, according to their median estimate published Wednesday.Inflation has run almost constantly below 2 percent since the Fed adopted its target in January 2012 . While the Federal Open Market Committee regularly acknowledges that in its projections, penciling in low inflation in the near-term, the committee as a whole has been hesitant to prescribe interest rates that knowingly generate above-2 percent inflation.Prior to that, the central tendency on headline inflation came in above 2 percent most recently in 2011 – so that's the last time the median could have feasibly surpassed the goal.
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