Fed's Sahm: Dot Plot Mischaracterizes FOMC Views, But Inflation Still on Downward Path Despite Recent Bumps

Sahm critiques the Fed's dot plot for mischaracterizing sentiments from the entire FOMC and says it should not be public
Sahm agrees with the Fed's inflation outlook that it is coming down, though the last 2 months of data have been disappointing
Getting inflation down has been a slog, but the trajectory is headed in the right direction towards 2%
The root cause of high inflation has been the COVID pandemic which highly disrupted the economy
The Fed's 2024 GDP growth projection ticked up showing improved economic outlook, aligning with Sahm's view