U.S. Inflation Undershoots the Fed’s 2% Target for the 34th Straight Month

In projections released earlier this month, Fed policy makers lowered their estimate of the longer-run jobless rate to a range between 5% and 5.2%. That threshold represents what some economists call the nonaccelerating inflation rate of unemployment, or Nairu. In English, it’s the lowest unemployment rate that won’t stoke inflation.