Instantaneous Core PCE at 2.2%

M/M Core PCE inflation at consensus.

Determine 1: Instantaneous inflation for core CPI (blue), chained core CPI (tan), supercore CPI (pink), PPI core (purple), and PCE core (inexperienced), per Eeckhout (2023), T=12, a=4. Crimson dashed line at 2% goal. Supply: BLS, BEA, and creator’s calculations.