January PCE data reveals that disinflation had already stalled and reversed before the war with Iran. Even before new fiscal stimulus and the energy shock, there's a case for a pause, or even a hike.
What is in "market-based core services ex housing"? Is it mostly healthcare insurance, home insurance, auto insurance, and utilities? Prices of these are set by state regulators, with a long lag. Prices aren't imputed, but they aren't really floating market prices either.
What is in "market-based core services ex housing"? Is it mostly healthcare insurance, home insurance, auto insurance, and utilities? Prices of these are set by state regulators, with a long lag. Prices aren't imputed, but they aren't really floating market prices either.