Wonder why that is.
On Friday’s broadcast of CNBC’s “Squawk on the Street,” Cleveland Federal Reserve Bank President Loretta Mester stated that the latest Personal Consumption Expenditures price index shows that progress on inflation “has been slow and in fits and starts” and “we just haven’t been making very strong progress on inflation” “and it’s concerning.” And that forward-looking data “also suggests that price pressures remain pretty darn high and pretty stubborn.
Mester said, “I think it’s just confirming that inflation’s still too high and it’s stubborn and the progress — we have made some progress, inflation is down from where it was last summer, but the progress has been slow and in fits and starts. And I think the PCE inflation report just underscored that. Core inflation, core services ex-housing, which is one of the indicators we’ve been watching, both the monthly increases and the year-over-year increases have moved up, not down.
Later, she added, “[P]art of what we do also is talk to firms and businesspeople and people within the district who are making these pricing decisions and hiring decisions and wage decisions, as well as the people who are receiving wage decisions and how they’re thinking about whether to change jobs or not. And that’s forward-looking evidence. And that also suggests that price pressures remain pretty darn high and pretty stubborn.
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