Federal Reserve Chair Jerome H. Powell during a speech on March 3, 2020 in Washington, DC.
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The results are a potential first sign that the Fed’s new strategy of allowing inflation to run above its 2% target for an unspecified time have had an immediate impact on the rate outlook.
The new average forecast, which has the Fed on hold until February 2023, is six months later than the July survey and comes amid more upbeat views on the economic recovery and higher inflation forecasts. Under…