Business executives surveyed by the Cleveland Fed expect CPI inflation of 3.3% in the coming year, which is down slightly from 3.7% in Q2. They see little change in wage growth (2.8% for the coming year, vs 2.9% in last year's survey) or employment levels. Anticipated R&D spending is expected to be cooler (2.0% for the coming year, vs. 3.1% last year) https://www.clevelandfed.org/indicators-and-data/survey-of-firms-inflation-expectations(Nick Timiraos)