Need to keep reposting this because so much of the National Conversation™️ keeps framing the current high inflation as one continuous thing that started under & because of Joe Biden & that’s a lie & the sort of thing that one shouldn’t print in the newspapers:
Mark Copelovitch
When Joe Biden left office, PCE was 2.6% & this was closer to the Fed’s target than 85% of months since the formal target started in 2012.
High inflation was over under Biden. It’s important to keep noting this bc people keep pretending inflation now is still his fault:
bsky.app/profile/mcop...
Mark Copelovitch
PCE inflation, the Federal Reserve’s preferred inflation gauge, rose to 3.8% in April, marking its highest level in nearly three years.
Core PCE inflation, which excludes food and energy prices, also increased to 3.3%.
