The major inflation indexes have been rising, giving rise to a debate about whether this is a “bump” in the road back to the Fed’s two percent target or evidence that inflationary pressures have re-emerged despite a monetary policy the Fed claims is restrictive.
The personal consumption expenditure price index, which the Federal Reserve uses as the basis for its inflation target and forecasts, came in atin January and 4.1 percent in February. This means that inflation was running at more twice the Fed’s two percent target as the year began. Note that S&P Global’s purchasing managers survey for March found that average selling prices charged by goods producers rose at the fastest rate for 11 months. S&P economist Chris Williamson noted that there was an, which the survey shows rose a a pace not seen for 16 months.
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