Open Thread March 17 2024, January and February were rough months for inflation

Employ America’s current corecast is for a 2.86% YoY core PCE print for February. The six-month growth rate of core PCE, which was under 2% in December, should now be over 3% in February. Core services ex-housing inflation will be up on a year-on-year basis versus the previous meeting. Many FOMC members, especially among the moderates in the committee (Daly, Mester, Powell, Waller) have expressed a willingness to look through a hot January potentially plagued by seasonality issues, but two months are probably too much to stomach. “March 2024 FOMC Preview,” Preston Mui