As inflation has cooled since its peak in summer 2022, President Joe Biden has been increasingly eager to tout the trend
President Joe Biden greets audience members during a Black History Month reception at the White House on Feb. 6, 2024. Using two main inflation metrics, the U.S. inflation rate has ranged from 2.6% to 3% over the past six months.
Importantly, the Federal Reserve — the independent entity focused on fighting inflation — puts more emphasis on PCE data when deciding whether to raise or lower interest rates, economists say.For the past six months, year-over-year inflation as measured by the CPI has hovered near 3%, not 2%. Because the Federal Reserve has said it’s aiming for steady 2% inflation before it lowers interest rates, being at 3% means the Fed wouldn’t be ready to loosen the reins yet.
In the public,"no one thinks about PCE," Holtz-Eakin said."If you’re the White House and want to make this your core message, you should note that you’re referring to PCE and explain what that is. If you haven’t done that, it feels like cherry-picking."Because the Fed has said it’s aiming for steady 2% inflation before it lowers interest rates, being at 3% means the Fed wouldn’t be ready to loosen the reins yet.
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