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Inflation <br />Consumer Price Index (CPI) <br />3.5 % <br />3.0 % <br />2.5 % <br />tw <br />OM 2.0% <br />r <br />U <br />} <br />1.5% <br />0 <br />1.0 % <br />0.5 % <br />0.0 % <br />✓�jlcQ Oc�119 Va� j9 qp �t "I j9 �� V C"19 �9 Va�1)O qp~�O <br />Source: US Department of Labor <br />Personal Consumption Expenditures (PCE) <br />3.5 % <br />3.0 % <br />2.5 % <br />v <br />�o <br />2.0 % <br />s <br />U <br />1.5% <br />0 <br />1.0 % <br />0.5 % <br />PCE Core Deflator YOY % Change <br />0.0 % <br />�,6r'jcQ ✓(J/1� Oc�'lcQ ✓d,7'j9 9,6r'l9 ✓C'/Z9 OcK'�9 ✓d O 9,br'O <br />Source: US Department of Commerce <br />The Consumer Price Index (CPI) was up 0.3% year -over -year in April, down significantly from 1.5% in March. Core CPI (CPI less food and energy) <br />was up just 1.4°% year -over -year in April, down from 2.1% in March. The Personal Consumption Expenditures (PCE) index was up just 0.5% year - <br />over -year in April, down from 1.3% year -over -year in March and 1.8% in February. Core PCE, which is the Fed's primary inflation gauge, was up <br />1.0°% year -over -year in April versus 1.7% year -over -year in March and 1.8% in February. Consumer pricing data indicate that the initial effect of <br />the pandemic has been deflationary. <br />8 QtJ <br />18 <br />