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Minimal Progress In Regional Fed PCE Measures

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  • Consistent with the surprise strength in core services non-housing PCE inflation (up from 0.29% to 0.42% M/M), the Dallas Fed’s trimmed mean measure also increased from 3.83% to 4.39% annualized in April.
  • Month to month moves can be volatile but the 6-month average showed minimal sign of progress at 4.4% (4.39% after 4.42%) and the Y/Y measure actually increased a tenth to its highest of the cycle at 4.8% Y/Y.
  • The Cleveland Fed’s median PCE inflation meanwhile eased a tenth to 5.78% Y/Y off its own cycle high, although is unchanged from an average rate its ran at since August.


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  • Consistent with the surprise strength in core services non-housing PCE inflation (up from 0.29% to 0.42% M/M), the Dallas Fed’s trimmed mean measure also increased from 3.83% to 4.39% annualized in April.
  • Month to month moves can be volatile but the 6-month average showed minimal sign of progress at 4.4% (4.39% after 4.42%) and the Y/Y measure actually increased a tenth to its highest of the cycle at 4.8% Y/Y.
  • The Cleveland Fed’s median PCE inflation meanwhile eased a tenth to 5.78% Y/Y off its own cycle high, although is unchanged from an average rate its ran at since August.