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Cleveland Fed Median PCE Holds Near Cycle Highs

US DATA
  • Following the stronger than expected rise in headline and especially core PCE inflation in January, the Cleveland Fed’s median measure also edged higher from 5.73% to 5.77% Y/Y.
  • The measure has shown no sign of a let up in inflationary pressures on a Y/Y basis, holding a particularly tight range of 5.73-5.81% since August.
  • Compared to core PCE inflation which has moderated from the Mar’22 peak of 5.36% to 4.71% currently, it implies a continued broadening of pressures.

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