IEEPA ruling unlikely to pull PCE inflation back to 2%
The price data this week made for grim reading for the Fed, implying that core PCE inflation rose above 3% last month. The Supreme Court's tariff ruling could help to bring down goods prices in the near term but the bigger concern for the Fed is that, as things stand, the tariff ruling is equivalent to a fiscal stimulus just as the labour market is showing signs of tightening again.
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