The data shows that the US is still mired in inflation and cannot help itself, because the value is still high by historical standards. The agency argues that it is important to remember that this is just an expected figure, not an actual inflation reading. As a result, consumers still expect the inflation rate to be far higher than the Fed's target after one year. After all, the Fed's preferred reading is that at the end of 2023, the one-year inflation rate will be 2.8%.