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News Story Source: https://www.zerohedge.com, by Tyler Durden
Of course, since then it's only gotten worse and the core PCE report released earlier today revealed another explosion in all price pressures, not just transitory, rising to the highest level since 1983.
In other words, persistent (non-transitory) inflation is rising sharply as well. So to get a more complete picture of current inflation dynamics, last month BofA revised its transitory inflation meter with the BofA US Persistent Inflation Meter (PIM), and here, a "surprise": it soared to 75 in June from 37 in May, indicating elevated persistent inflation.
Fast-forward to today when the latest BofA reading of both transitory and persistent inflation meters, showed what everyone already knew: both series hit record highs, with Transitory inflation at the highest possible reading of 100, while the sticky "Persistent" inflation rose from 75 to 90, which while also the highest on record, still has some more upside to go.
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