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For 2021, economists who participated in a CNBC Fed survey forecast a growth in the CPI consumer price index, on an annual basis, of + 3.88%, up sharply from + 2.76% expected in April.
On average, the estimate is for a CPI peak at 5.3% in November 2021.
Today is Fed Day, the day on which the FOMC, the monetary policy arm of the Federal Reserve, after two days of meeting, will announce its monetary policy decisions.
The same economists, on average, estimate US GDP growth of over + 6.4% in 2021, slightly down on the previous estimate of over + 6.5%.
The unemployment rate is expected to drop to 4.9% this year, and ING generally believes the US economy will fully return to pre-pandemic levels by the fourth quarter of this year.