To no one’s surprise, today’s inflation numbers from the BLS showed that U.S. inflation is slowing according to almost every indicator anyone has thought to report. Seasonally adjusted monthly data for the headline consumer price index, the core CPI and the Cleveland Fed’s trimmed-mean CPI are running well below the Fed’s 2 percent target. The year-on-year versions of the same indicators are also falling, and are all now running at or below the target. . . .
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