CNBC analysis indicates that U.S. inflation has persisted for years, with the September CPI rising 3.7% year-over-year, remaining above the 2% target level for 65 consecutive months (over five years). The New York Fed's Survey of Consumer Expectations shows that the one-year ahead inflation expectation has risen to 3.9%, the highest in over three years. Cleveland Fed President Beth Hammack stated that consumers are beginning to accept high inflation as "a fact of life," which worries the Federal Reserve that inflation expectations could become entrenched, thereby undermining the effectiveness of monetary policy. Minneapolis Fed President Neel Kashkari also expressed concern about the impact of inflation.