Photo: The Marriner S. Eccles Federal Reserve building in Washington, D.C., on August 21, 2024. Photographer: Ting Shen/Bloomberg. The Marriner S. Eccles Federal Reserve building in Washington, D.C., on August 21, 2024. Photographer: Ting Shen/Bloomberg.

Economists see U.S. inflation reaching the Federal Reserve's target early next year while the unemployment rate picks up slightly, closely following the central bank's own updated projections released last week.

The Fed targets 2 percent price growth based on the annual personal consumption expenditures (PCE) price index, and forecasters in the latest Bloomberg monthly survey expect the gauge to average that pace in the first quarter. In August, they predicted that the metric would hit the Fed's goal in the second quarter.

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