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Matthew boesler bloomberg biography
Fed finds new reason for confidence in obscure inflation gauge
Top Federal Reserve officials - including Chair Jerome Powell - are increasingly pointing to an obscure price gauge as a reason to maintain confidence in their outlook: “market-based” inflation.
The metric excludes a range of services where data-collectors can’t directly measure prices and have to estimate them instead.
The result is a different inflation picture in recent months. Whereas the central bank’s preferred underlying inflation gauge accelerated to % in November, the market-based measure has been more or less flat at % since May.
The distinction is significant amid an upswing in Treasury yields as investors have soured on the chances of Fed interest-rate cuts in While US central bankers have signaled they need to see more progress toward their 2% target before they reduce borrowing costs again, repeated nods to the alternative gauge could indicate a lower bar to additional easing.
Fed Governor Christopher