Professor Glenn A. Okun
The Rabid Capitalist: The Big Point is a brief summary of a detailed note available to paid subscribers.
The best aspect of the PCE data released this morning is that it could have been worse. While the personal consumption expenditures price index (PCE) was unchanged from the prior month due to lower energy prices, core PCE which excludes housing and energy expenses, increased by .1%.
The bad news is that PCE is currently three percent on an annualized basis, fifty percent above the Federal Reserve’s target of two percent.
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