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Finally, traditional indicators also may be missing the mark in predicting persistent inflation.\xa0 In particular, in the June Summary of Economic Projections, most members of the Federal Reserve\u2019s Federal Open Market Committee in effect professed that an unemployment rate of 4% or higher was necessary to attain the Fed\u2019s long-term objective of 2% inflation.\xa0 However, the unemployment rate has now been below 4% for 21 straight months and, yet, since March of last year, year-over-year wage growth has drifted down from a peak of 5.9% to 4.3% last month.