Americans Brace for Extended High Inflation, Fed Focused on Cooling Prices

• Americans expect inflation to remain high over the next few years, staying above the Fed's 2% target • Consumers anticipate costs of gas, medical care, and rent will fall over next year, but grocery prices will remain steady • Survey plays critical role in Fed policy decisions as inflation outlook affects actual inflation • Consumers increasingly concerned about job security and ability to access credit • Fed focused on bringing inflation down sustainably before reducing interest rates