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Gov. Waller Doesn’t Like Supercore Inflation Ideas

FED
  • If you exclude shelter from usual ex food and food measures, he ad libs “I’ve always kind of argued for years that once you’ve done that what’s left that matters? Some napkins, some staples and pencils…”, i.e. rather than growing focus on core services ex-housing from other members.
  • He then went back to the speech for why he doesn’t let these stripped-down measures shape his views: i) food & energy recently haven’t seen two-sided volatility but have largely moved in one direction, ii) a broader baskets give a better idea of what pressures people face and iii) these excluded items make up an even larger share for lower-income people

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