Inflation Is Already Here — For the Stuff You Actually Want to Buy

Economists will be relieved that the laws of supply and demand are still working, at a time when so much in the discipline is in doubt. 


The swings in our buying habits have accentuated the difference between the consumer-price index (CPI) and the personal-consumption-expenditures price index (PCE). 


CPI captures the headlines and determines the return on inflation-linked Treasurys, or TIPS. 


The Federal Reserve uses PCE—and the two diverged over the summer.


WSJ 26 September 2020



https://www.wsj.com/articles/inflation-is-already-herefor-the-stuff-you-actually-want-to-buy-11601112630





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