Core PCE inflation moderated further—down to an annualized rate just below 1% for May—after the early 2024 rebound. Just as the past several months look to have overstated inflation, the current reading and perhaps the next several months likely understate inflation, potentially from lingering seasonal adjustment issues. That calls for a bit more attention than usual to the year-over-year readings, which have continued to slowly grind lower.
Investment Partner
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