About this work
US inflation remains difficult to dislodge from the 3 percent range in this October 2025 assessment. Shelter and healthcare sustain services inflation, while goods prices follow divergent paths. Firm spending and elevated household inflation expectations complicate cautious Federal Reserve easing. The uneven composition of price increases makes apparent progress toward the target less convincing.
Cite this work
Marcello Estevão, Jonathan Fortun (2025). Global Macro Views: Mission not Accomplished - U.S. Inflation Stuck in the 3% Zone. Institute of International Finance.