Inflation continues to roll along undisturbed, apparently ignorant of, or not caring about, anything that might otherwise influence it.
The personal consumption expenditures (PCE) headline price index grew 0.2% month over month as expected in October, bumping the year-over-year rate up 0.2% to 2.3%—the wrong way. The core index, which strips out volatile food and energy prices, rose 0.3% as expected, pushing the year-over-year rate up 0.1% to 2.8%, also the wrong way. In addition, core prices have remained in a narrow range for six consecutive months.
None of this data reassuringly suggests that inflation is on a path to the Fed’s 2% target in any convincing way.
To read Dan's full report, click on the link below and download the PDF
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