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Slower US inflation isn’t just the result of “transitory” factors

Summary:
Despite cautionary remarks from a few of its dovish members, the Federal Reserve seems determined to continue uninterrupted down its course of gradual policy tightening. The slowing of inflation since the start of the year is not yet a deterrent.From the FOMC minutes to the June meeting released this week, our emphasis:Recent readings on headline and core PCE price inflation had come in lower than participants had expected. On a 12-month basis, headline PCE price inflation was running somewhat below the Committee’s 2 percent objective in April, partly because of factors that appeared to be transitory.Core PCE price inflation–which historically has been a more useful predictor of future inflation, al­though it, too, can be affected by transitory factors–moved down from 1.8 percent in March

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Despite cautionary remarks from a few of its dovish members, the Federal Reserve seems...

Cardiff Garcia
Cardiff writes mostly about US macroeconomic issues, with daily excursions into other topics about which he claim no expertise. Before Alphaville, Cardiff spent a little more than two years as a reporter at Dow Jones Financial News covering investment banking, asset management, and private equity. Along the way he has written freelance pieces on a variety of other topics from behavioural psychology to Muay Thai, the latter also being a personal interest that involves frequently getting kicked in the shins (and torso, and head).

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