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CPI and PCE, as of 11/11, from Cleveland Fed:
Determine 1: Core CPI (blue), core PCE deflator (tan), each in logs, 2024M01=0. October CPI is nowcast, September and October PCE deflator is nowcast. Supply: BLS, BEA by way of FRED, Cleveland Fed (11/11), and creator’s calculations.
Contra Kevin (Dow 36,000/Quadratic Covid) Hassett and Bessent, I don’t see corresponding instantaneous inflation (per Eeckhout, 2023) declining.
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