CPI inflation peaked out, but I don't see a time when it will reach the target of 2%

The US CPI (August) was stronger than expected, but there was not enough urgency to ask for an interest rate hike at the FOMC on 9/20. Overall, it was 0.6%/3.7%, and the core was 0.3%/4.3%, and the supercore (excluding energy rent) was 0.4%/4.0%. Although the inflation rate has risen sharply from 3.2% to 3.7%, it has clearly declined when viewed from last year's peak of 9.1%.

It's just that there are no prospects for reaching the 2% target, and the growth in goods was only 0.2% compared to the previous year, reflecting the commodity recession. Rent, which accounts for 35% of the allocation, is as high as 7.3% compared to the previous year, but if you look at it month-on-month, it has gradually declined. Wages that determine service prices are also 5.3% if you look at the Atlanta Fed's wage growth tracker, and they just haven't reached 3-4% before COVID-19, and have clearly dropped from last year's peak of 6.7%.

In short, inflation has peaked out, and there are signs that it will fall, but the time for reaching the target is not in sight. It is necessary to make policy decisions on whether to achieve the target at a higher interest rate or achieve it with a longer interest rate. If we consider weak economies in other countries from a global perspective, the latter is likely to be likely.