US inflation outlook delayed as home prices hit all‑time high

Chief economist Dana M. Peterson of the Conference Board said the Federal Reserve’s 2 % inflation target is unlikely to be reached until at least 2028, warning that consumers will continue to feel price pressure from supply‑chain disruptions, tariffs and ongoing geopolitical conflicts. She added that inflation could see another spike in the third quarter of this year.

Federal Reserve officials remain split on how long elevated inflation will persist, with minutes showing half of the policymakers favoring a rate hike by year‑end while the other half lean toward keeping rates unchanged. Meanwhile, the U.S. housing market posted a record median sales price of $440,600 in June, the highest since 1999, even as existing home sales slipped 2.4 % from May. The International Monetary Fund lowered its global growth forecast to 3 % for 2026, citing the Iran war’s energy shock, but noted that U.S. demand for gasoline rose in the second quarter of 2026.