The projected rise is attributed to the recent implementation of tariffs by the Trump administration, which Goldman Sachs economists believe will exert upward pressure on inflation. They forecast that core PCE inflation could reach 3.5% by the end of 2025, primarily due to these tariff effects .
Meanwhile, this from the Wall Street Journal on analysts' adjusting their expectations re Federal Open Market Committee (FOMC) rate cuts this year:
The latest inflation reading was released on Wednesday:
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