Inflation has eased over the past year but remains elevated, In recent months, there has been a lack of further progress toward the Committee's 2% inflation objective.
While the prices of many goods such as cars and furniture have fallen, the prices of services such as restaurant meals and car repair continue to climb.
Higher interest rates may have less effect on demand for services, making it harder for the Fed to bring prices under control.
Services spending is generally less interest rate-sensitive.
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