The median Consumer Price Index rose 0.3% (3.7% annualized rate) in June. The 16% trimmed-mean Consumer Price Index rose 0.2% (2.2% annualized rate) during the month. Current Median CPI
President Mester discusses “Views on the U.S. Economy and Monetary Policy” in London. Read more
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The Cleveland Fed was recognized in Diversity MBA Magazine’s 50 Out Front: Best Places to Work for Women and Diverse Managers on its Best in Class Companies list for our best practices in board diversity and accountability, ranking top 10 in both categories.
The Center’s new website offers more information and user-friendly commentary highlighting national price trends and key data series. Read more.
What’s one key element to drive funding to low-income areas of the country? Meaningful and productive partnerships between banks and community-based organizations (CBOs). Read More
According to the historical relationship known as the Phillips curve, strengthening of the economy is commonly associated with increasing inflation. With inflation having only modestly picked up in the past few years as the economy has become more robust, many believe the Phillips curve relationship has weakened, with the curve becoming flatter. I show that the flattening can be due to very different types of structural changes and that knowing the type of change that has occurred is crucial for choosing the appropriate monetary policy. Read More
We introduce two new measures of trend inflation, a median PCE inflation rate and a median PCE excluding OER inflation rate, and investigate their performance. Our analysis indicates that both perform comparably to other simple trend inflation estimators such as the trimmed-mean PCE. Furthermore, we find that the performance of the median PCE is related to skewness in the distribution of cross-sectional growth rates across categories in the PCE, and our results suggest that the Bowley skewness statistic may be useful in forecasting. Read More
