M/M Core PCE inflation at consensus.
Figure 1: Instantaneous inflation for core CPI (blue), chained core CPI (tan), supercore CPI (pink), PPI core (red), and PCE core (green), per Eeckhout (2023), T=12, a=4. Red dashed line at 2% target. Source: BLS, BEA, and author’s calculations.
I heard some reporting hammering away about high inflation and asking when will it finally come down. Never mind it has for some time. The reporter clearly had price levels and rates of changes in price levels confused. The Biden economist who had to endure this dork finally suggested that general deflation (which is what the moronic reporter was calling for) might require a severe recession. That such the reporter up finally.
Moses Herzog probably had his driver’s license confiscated because he hasn’t mentioned falling gas prices recently–they’re down about 30 cents here in New England since the spring. Also, grocery prices have been stable recently. I know that neither factors into PCE, but from the perspective on the ground, inflation has stopped and we’re all just adjusting to the new price levels. Heck, I think the price of those Trump endorsed Bibles has stayed the same for about a year.
I’ll have you know I take my manual scooter to the corner gas station everyday. It’s rated for kids ages 8–12. So there.
$2.87 today. Almost twisted my ankle. For this??
If your next shopping spree might include a few Trump gadgets, Kevin Drum has your shopping list!
https://jabberwocking.com/a-brief-look-at-stuff-donald-trump-has-said-lately/
A brief look at stuff Donald Trump has said lately
The scooter reference was a joke (hopefully people got this). Not that I am above scooters (I am not). Yeah…… I mean if you’ll remember with my many quarrels with Rosser, I am not a Harris fan. I am not a true fan. But I’ll easily take Harris over the orange abomination. I believe I’ve made that pretty clear. If Prof Rosser was here he would Go “Oh, see, you came around my way now, you support Harris”. It’s not so much a liking or joining the Harris train. It’s choosing the Harris train over a Ford Pinto. You see?? The Harris train is better than the donald trump Ford Pinto.
That’s not hard to understand right??