Stuck in the Middle

September 29, 2025 — The August PCE inflation report confirmed that price pressures remain stuck in a holding pattern. Headline PCE rose 0.26% month-over-month and 2.74% year-over-year, while core PCE increased 0.23% MoM and held steady at 2.91% YoY. Inflation is not accelerating, but it is not falling quickly enough to reassure the Fed that the path back to 2% is secure.

  • DATE: September 29, 2025
  • TYPE: PDF
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