The Fed's go-to inflation indicator has exceeded expectations again.
The so-called "core PCE deflator," which excludes food and energy, landed 0.1% above consensus, rising 0.4% m/m and 4.7% y/y in April. That's up from 0.3% m/m and 4.6% y/y in March.
Services inflation was even worse, leaping 5.5% y/y compared to 4.6% previously.
Inflation is not only hanging around, it's going in the wrong direction. As far as central bankers are concerned, there are still too many people with jobs, buying too many homes and tapping too much credit/savings to spend money (particularly on services).
You don't have access to this post on MortgageLogic.news at the moment, but if you upgrade your account you'll be able to see the whole thing, as well as all the other posts in the archive! Subscribing only takes a few seconds and will give you immediate access.
Comments
Sign in or become a MortgageLogic.news member to read and leave comments.
Just enter your email below to get a log in link.