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Claudia Sahm highlights that long-run inflation expectations increased from 3.5% in April to 3.9% in May. She notes this is notably higher than the 2.8% to 3.2% range seen in 2024.
Sahm previously discussed how Warsh praised the use of trimmed means and referenced Team Transitory in 2021 among Federal Reserve officials in an earlier note. In another analysis, she examined changes in the Fed’s approach to maximum employment over the past two decades and cited ongoing criticism from some observers in a separate article. These topics reflect Sahm’s longstanding focus on shifts in Federal Reserve policy discussion.