From atlantafed.org

Since my last essay in March, the economy and labor markets have continued to expand in healthy fashion. But the outlook concerning the most pressing issue of the day—inflation—has taken a subtle turn. First, let me offer a quick recap. During 2023, the inflation rate fell by more than half—from well above 5 percent to below 3 percent, per the personal consumption expenditures (PCE) price index, the Federal Open Market Committee's (FOMC) preferred gauge. That was a much steeper decline than my staff and I and most observers expected. However, that progress slowed considerably early this year, with some ... (full story)