Nick Timiraos, the Fed's mouthpiece, stated that business executives surveyed by the Cleveland Fed expect CPI inflation to be 3.3% over the next year, slightly lower than the 3.7% in the second quarter. They anticipate no significant changes in wage growth (2.8% over the next year, compared to 2.9% in last year's survey) and employment levels. R&D spending growth is expected to slow to 2.0% over the next year, down from 3.1% in last year's survey.
