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So inflation is going up. Trump's taxes of foreign goods is the most likely culprit.
https://www.morningstar.com/economy/june-pce-report-pce-inflation-index-up-26-stronger-than-expected
The June Personal Consumption Expenditures Price Index posted a stronger-than-
expected increase, up 2.6% from year-ago levels. Economists forecast that the PCE
index would rise 2.5%.
When volatile food and energy costs are factored out, the Federal Reserve’s preferred
measure of inflation increased 2.8% from one year ago, above expectations.
Economists forecast that the core PCE inflation index would rise 2.7%.
The PCE Price Index increased 0.3% from month-ago levels. Excluding food and energy,
the PCE Price Index also increased 0.3%.