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With the Consumer Price Index touching nine percent in the summer of 2022, fears of a combination of higher inflation and tepid growth mounted.
Nothing in the March PCE report gives a strong indication that inflation might be moving in a way that would require the central bank to consider another rate increase.
There is still much that remains to be seen about how the economy is going to fare in 2024. For now, at least, we are not inclined to see the specter of stagflation as a meaningful cause for concern.