The lead chart shows CPI inflation cooled from 9.1 percent to 4.0 percent. Core CPI inflation, excluding food and energy only decline modestly, from 6.6 percent to 5.3 percent. The Fed’s preferred measure if inflation, PCE, declined only from 5.4 percent to 4.7 percent.
The Fed says it will get PCE inflation down to 2.0 percent. When? How?