US economists see higher wages feeding inflation for 3 years

Americans hoping for near-term relief from soaring prices got a dose of disappointment on Monday after a panel of economists surveyed by the National Association of Business Economics (NABE) significantly ramped up their expectations for inflation since they were last canvassed in September.

Nearly three quarters – 71 percent – of the 48 economists surveyed see the Federal Reserve’s preferred inflation gauge – Personal Consumption Expenditures minus food and energy –  not falling to or below the Fed’s 2-percent year-over-year target rate “until the second half of 2023 or later,”...