Fed Signals Patience on Inflation Fight Despite Upward Economic Revisions

• US inflation down from summer 2022 highs but remains above Fed's 2% target; Fed revised up economic projections but says it remains "strongly committed" to bringing inflation to 2%

• Economists interpret latest Fed projections as sign of greater tolerance for higher inflation over long term

• Powell pushes back on perception Fed has grown more comfortable with high inflation

• Economist Mohamed El-Erian criticizes Fed for signaling rate cuts while projecting higher inflation

• Interview with economist Lydia Boussour who says Fed willing to be patient on inflation due to ongoing labor market rebalancing and companies having less pricing power