Opinion

One argument at a time, with the public data behind it and the charts to check it yourself.

12 September 2026 · CPI · PCE · PPI

The gauge the Fed targets is running hotter than the one on TV

Core CPI is the slowest since 2021; core PCE is 3.3%. The inversion is real and the widest since 1983 — but it is not a shelter-weights story, and it is not broad.

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