Fed Officials Face Diverging Mandates

2026-03-16 21:15:00 ET

By William J. Luther

Inflation ticked down in January, the latest data released Friday from the Bureau of Economic Analysis shows. But it still remains well above the Federal Reserve’s target. The Personal Consumption Expenditures Price Index ( PCEPI ), which is the Fed’s preferred measure of inflation, grew at an annualized rate of 3.4 percent in January 2026, down from 4.4 percent in the last month of 2025. The PCEPI grew at an annualized rate of 3.5 percent over the prior three months and 2.8 percent over the prior year....

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