Has the U.S. Economy Reached Peak Inflation?

Today's release of April figures for the Federal Reserve's preferred inflation indicator—the personal consumption expenditures price index (PCE), excluding food and energy—showed another increase in the 12-month rate. After showing year-over-year increases of 1.5 percent in December, January and February, the index was up 1.8 percent in both March and April. Are we approaching the …