Since January 2012, the Federal Reserve has held a long-run inflation target of 2%. Policymakers consider price expectations to be “well anchored” when inflation outlooks roughly match this 2% target. To examine how well U.S. inflation expectations are anchored, a 2023 article by Kristoph Naggert, Robert W. Rich and Joseph Tracy compared data from the Federal Reserve Bank of Philadelphia’s Survey of Professional Forecasters (SPF) against the Fed’s 2% target.