You can see our projection for inflation in the outlook we published. We revised upward our outlook for the U.S. economy, substantially, and we've built in at a macro level the fiscal stimulus that's in the budget.
What you see is that inflation is rising right now, temporarily, to about 3%. That really reflects some special factors. I can get into them, but it's more to do with what happened a year ago, when a number of prices plummeted. A year later that creates a temporary blip of inflation.
As I highlighted, however, we still have high unemployment in this country. There are still many people out of work. This is putting downward pressure on inflation. We expect this slack to be absorbed, which is a good thing, and as that slack is absorbed we should get inflation sustainably back to 2%.
What you can see is that inflation goes up to 3%, it comes back slightly below 2% and then it goes slightly above 2% and settles into 2%. In our projection it's staying pretty close to 2%, and we've factored those things in.