Are they Stupid or just pretending?
February Inflation Review, plus a Wild Chart!
“Are they Stupid or just pretending, because they think we are Stupid?”
- Le Shrub
On Good Friday, with the markets closed, the Fed’s preferred inflation measure was released: the sci-fi-sounding “PCE Core Deflator” came out at a 0.3% month-on-month increase compared to consensus of 0.3%.
For those who are lucky enough not to follow these measures, “PCE Deflator” stands for “Personal Consumption Expenditure Deflator” and is a measure of inflation based on changes in personal consumption.
The CORE PCE Deflator is basically an inflation measure ex-energy, ex-chocolates, ex-eggs and EX-anything-that-the-Plebs-can-no-longer-afford-right-now.