Inflation is likely to show a steep fall in 2023 while remaining above where the Fed feels comfortable, according to Goldman Sachs.
Inflation is likely to show a steep fall in 2023 while remaining above a level where the Federal Reserve feels comfortable, according to the latest Goldman Sachs forecast. The firm expects inflation, as gauged by the Fed's preferred core personal consumption expenditures price index, to tumble from its 5.1% reading in September down to 2.9% by the end of next year.
The New York Fed's supply chain index has been on the decline and in September hit its lowest level since November 2020. Semiconductors, critical in everything from computers to cars, had been at the core of the supply chain problems. But Hill pointed out that auto microchip shipments are now 42% above their 2019 levels. On wages, Goldman expects average hourly earnings to decline from their current 4.
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