Inflation may have (nearly) returned to normal. But prices don’t feel normal.
The Federal Reserve cut the federal funds rate by 50 basis points in September as inflation has moved closer to its 2% target. This was the first rate cut since the onset of the pandemic and might be a turning point in the Fed’s years-long battle to get prices under control.
Despite the Fed’s move, though, average Americans are feeling downright crabby about the economy, according to recent surveys, even as wages have climbed. With the prices of many goods and services still much higher than before the pandemic, it’ll likely take much longer for prices to not seem so out of hand.
This post originally appeared at Forbes Advisor.