The Fed is no longer aiming for 2% inflation, which is bad news for anyone hoping prices stop rising fast.

• New Fed chair Kevin Worsh now treats 2.9% inflation as good enough, brushing off the gap by saying he only cares about the number left of the decimal point.
• The Fed kept interest rates the same this week and not one member wanted to raise them, despite media calling the new chair tough on inflation.
• A new task force will change how inflation is measured, which could make the numbers look lower than what people actually feel.
• A higher target plus friendlier math gives the Fed an easy excuse to start cutting rates sooner.
• Trump backed the no-cut decision for now, and a rate hike before the midterms would hurt Republicans, so higher rates look unlikely.

Outlook: The Fed meets again in six weeks and is expected to hold rates steady, with pressure building toward cuts rather than hikes.