Fed Slides Inflation Target Back to 2029 Amid Stubborn Price Pressures

The Federal Reserve has pushed back its target date for achieving a 2% annual inflation rate to 2029, marking the fifth time since 2021 that the central bank has extended its timeline.

This decision comes as recent economic data shows inflation remains stubbornly high at 3.7% in July, with diesel prices surging to record highs due to the Iran war.

Although inflation has fallen from its 2022 peak, it has hovered above the elusive 2% mark, keeping household budgets and the overall economy under pressure.