US PCE Inflation - 2025-05-29

Remember when all Jay Powell could talk about was "supercore" inflation? That's core PCE services ex-housing, an index that the Bureau of Economic Analysis doesn't even release publicly. But we can calculate it ourselves, and we wonder if Powell will ever mention that it's fallen to 2.96% year-on-year, a new low for the disinflation cycle. And for April reported this morning, it was in downright deflation. So where's all that tariff-driven inflation? Where's all the expectations-driven inflation?