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On its latest meeting in December 2016, the Federal Open Marked Committee expressed an expectation that inflation in the US will rise to the long-term target of 2 percent over the medium term (in 2018-2019 years). The Committee considers that a higher inflation rate is not consistent with the Federal Reserve's mandate for maximum employment and price stability. Currently, US inflation is below this 2 percent target, even though it increased by about 1.1 percentage points from 0.1 percent in 2015 to around 1.2 percent in 2016.

Still, forecasts from the major international agencies including IMF, UN, EC, OECD and EIU, agree with the expectation of the FOMC for the inflation to rise in medium-term giving projections on 2017 in the range from 1.9 to 2.3 percent. In 2018, consumer price inflation is expected to continue upward trend but at a slowing pace: estimates for that year range from 2.1 to 2.6 percent. IMF and EIU, who give forecasts for the years beyond 2018 predict that since 2019 inflation rate in the US will stop rising and in the next three years will drop again to near-2017 level.

The stable inflation rate, along with maximum employment, is one of the key priorities of the monetary policy conducted by Federal Reserve or "the Fed", the central bank of the United States. The Fed includes three key entities: the Board of Governors (Federal Reserve Board, FRB), 12 Federal Reserve Banks (Federal Reserve System, FRS), and the Federal Open Market Committee (FOMC), each of which is responsible for the control of one of three tools of monetary policy. The FRB and the FRS are responsible for the discount rate (or primary credit rate) and reserve requirements, while the FOMC is responsible for open market operations.

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