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Inflation <br />Consumer Price Index (CPI) <br />5.5 % <br />5.0% <br />_CPI <br />YOY %Change <br />4.5% <br />Core CPI YOY % Change <br />4.0 % <br />3.5 % <br />s 3.0% <br />v <br />0 2.5 % <br />0 2.0% <br />1.5 % <br />1.0 % <br />0.5 % <br />0.0 % <br />- <br />�4g19 �oG19 �06 �a`�0 �4g�0 �oG�� �Pb�1 <br />Source: US Department of Labor <br />Personal Consumption Expenditures (PCE) <br />5.5% - <br />5.0% PCE Price Deflator YOY % Change <br />° <br />4.5 o PCE Core Deflator YOY % Change <br />4.0% <br />3.5% <br />r 3.0% <br />v <br />2.5 % <br />0 2.0% <br />1.5% <br />1.0% <br />0.5% <br />0.0% - <br />4-7d`19 ��� l9 +0`19 �Pb�O �d`�p �4g�4 �oG�4 �ob11 <br />Source: US Department of Commerce <br />The Consumer Price Index (CPI) was up 5.0% year -over -year in May versus up 4.2% in April. Core CPI (CPI less food and energy) was up 3.8% <br />year -over -year in May, versus up 3.0% in April. The Personal Consumption Expenditures (PCE) index was up 3.9% year -over -year in May, versus <br />up 3.6%year-over-year in April. Core PCE was up 3.4%year-over-year in May, versus up 3.1% year -over -year in April. Current inflation readings <br />are running well above the Fed's longer -run target of around 2.0%. However, the Fed believes that much (if not all) of the recent pricing <br />pressure have been caused by pandemic -related factors (e.g., base effects and supply chain disruptions). Fed policymakers have reiterated <br />that they believe most of those factors will be temporary. <br />6 Qtj <br />15 <br />