Mar 16, 2023 | News

February CPI ‘Not a Good Thing’ for Getting Inflation to Goal, ‘What the Fed Really Looks at’ ‘Is Rising’

February CPI 'Not a Good Thing' for Getting Inflation to Goal, 'What the Fed Really Looks at' 'Is Rising'

On Wednesday’s broadcast of MSNBC’s “Morning Joe,” Steve Rattner, who served as counselor to the Treasury Secretary in the Obama administration, stated that the core services inflation metric that the Federal Reserve “really looks at” is “rising and that is not a good thing” to getting inflation down to the target level.

Rattner said, “[I]nflation looked to be coming down if you look at the headline number, from 6.3 to 6 during the month, but the numbers are very squirrely still at the moment because of COVID-related things. So, we have to look behind the numbers at some more interesting and hopefully relevant data. So, what we’ve done over here is we’ve looked at three-month annualized numbers for the CPI, and we’ve broken it into two buckets: The headline number, which is the number that you report and everybody reports up front, and then what we call…

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