The United States has witnessed historic inflation since the economy began to reopen in 2021 following the lockdowns triggered by the coronavirus disease (COVID-19) pandemic. The United States economic outlook: inflation trends post COVID-19 looks at the forces behind this surge in prices and the trade-offs and risks for the policy response. The report examines inflation trends and drivers, as well as labour market trends since the economy reopened; economic policies implemented by the United States in response to the pandemic, and more recently to inflation; and the possible impact of these policies on financial conditions and economic growth. It also analyses the impact of inflation and the tightening of monetary policy in the United States on financial conditions in emerging markets and in Latin America and the Caribbean in particular. The United States economic outlook reports are published three times a year and follow the main macroeconomic developments of the United States economy.