The latest PCE inflation report confirmed exactly what I have warned. Inflation was never “transitory,” and the Federal Reserve has completely lost control of the narrative. The Fed’s preferred inflation gauge, core PCE, rose 3.3% annually in April, up from 3.2% in March and well above the Fed’s mythical 2% target. Headline PCE inflation accelerated to 3.8%, the highest level in roughly three years.
The government and mainstream economists will immediately try to calm everyone by saying the monthly core increase was “only” 0.2%. They are playing games with statistics because they know the public is scared. The reality is that inflation has…
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