Federal Reserve Switched Targets from Core PCE to Gasoline?
The Federal Reserve used to focus on holding down “core” personal consumption expenditure (PCE) inflation. The median FOMC projection of core PCE inflation at the June meeting was 4.3% for this year, for example. But the last three reports were well below the FOMC’s expected norm for 2022. Core PCE prices rose at an annual rate of only 3% in February, 3.3% in March and 3.4% in April.
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