When the Fed last published its quarterly outlook in September, for instance, a solid majority on its monetary-policy committee projected that their most important inflation gauge would retreat to 2.2% next year.

Inflation in the United States accelerated in November, with consumer prices rising 2.7% over the past year. Monthly, the consumer price index (CPI) increased by 0.3%, according to the Bureau of Labor Statistics (BLS).

Inflation played a starring role in last month’s election, and part of Donald Trump’s pitch was that he would cool things off. The problem presidents face though is that there is only so much they really can do to cool inflation off.