Six-month core PCE rose at at annual 2.5% rateInflation measured over relatively short periods may exaggerate idiosyncratic, temporary factorsLabor market has remained relatively tight, demand has eased, supply has trended higherWage gains slowed in 2023, but remain above pace consistent with 2% inflationRisks to achieving Fed's goals moving into better balanceNot appropriate to reduce target range until we have greater confidence inflation moving to 2%Ongoing softening of labor demand and improvements in labor supply should contribute to a further slowing in core services price inflationThis report is more of a review than a tool to signal what's coming on policy. This arti
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