Instantaneous, instantaneous core, and trimmed mean m/m. Figure 1: Year-on-Year PCE inflation (bold black), instantaneous PCE inflation (blue), instantaneous core PCE inflation (green), and 16% trimmed mean PCE inflation, m/m AR (red).  NBER defined peak-to-trough recession dates shaded gray.  Instantaneous inflation setting T=12, a=4 per Eeckhout. Source: BEA, Dallas Fed, NBER, and author’s calculations.