Professor @Harvard, Director @HarvardBizGov, Senior Fellow @PIIE, teaches Ec10, words @nytopinion, was Chair of President Obama's CEA. Some posts may be educational.
Jason Furman
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Headline was still VERY high, just not EXTREMELY high like it was in March and April, as gasoline had a sizeable rise for a third straight month.
Overall this confirms that the prices consumers pay were not just high but also rising quickly. But the incremental new information was also encouraging in the surprise to the downside in core. Not much here that should force the Fed to hike anytime soon.
Three things about today's inflation report:
1. 12-month inflation increased (because May-26 > May-25)
2. 1-month inflation slowed (because May-26 < Apr-26)
3. Inflation came in below expectations.
Here is core.
