Nowcasted PCE Instantaneous Inflation Moving Away from 2% Target

Using Cleveland Fed nowcasts post-CPI release:

Figure 1: Instantaneous inflation (T=12,a=4) for PCE (blue), core PCE deflator (red), all in decimal form %. December observations are nowcasts as of 2/13 from Cleveland Fed. Calculations per Eeckhout (2023).Source: BEA, Cleveland Fed, and author’s calculations.

One thought on “Nowcasted PCE Instantaneous Inflation Moving Away from 2% Target”

  1. Macroduck

    Off topic – Russia, the felon-in-chief, climate change and the dollar, all in one devilish proffer:

    https://financialpost.com/news/economy/russia-memo-return-to-u-s-dollar

    If I were to write a Red-Dawn-like movie with an ill-conceived political plot-driver, it might go something like this:

    Russia tempts a dim, preening American president into betraying Ukraine by offering to restore fossil fuels to a central place in the global energy future, abandon the BRICs attempt to replace the dollar, and of course to enrich the felon’s family and political backers. Never get made, though. Nobody would buy the screenplay, because it’s not credible that a U.S. president would ever accept a deal like that. There can be only one “Red Dawn”.

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