<!-- wp:heading -->
<h2>No relief on the inflation front</h2>
<!-- /wp:heading -->

<!-- wp:paragraph -->
<p>Inflation is continuing to heat up according to today’s core Personal Consumption Expenditures (PCE) report.  Core PCE, which is the Federal Reserve’s preferred inflation measure, rose to 3.4% in May – the highest level since 1992.  This is well above the Fed’s 2% inflation target for the second straight month, and as a result, Fed officials have started to feel pressure to scale back on their stimulus efforts.  While the debate rages on as to the persistence of today’s pricing pressures, as long as the leading inflation gauges are moving higher (see last Friday’s <a href="https://ns2020-investech.investech.com/subscriber-library/leading-inflation-indicators-point-higher/" target="_blank" rel="noreferrer noopener">report</a>), any inflationary surprises will likely continue to be to the upside.</p>
<!-- /wp:paragraph -->

<!-- wp:image {"align":"center","id":8825,"sizeSlug":"large","linkDestination":"none"} -->
<div class="wp-block-image"><figure class="aligncenter size-large"><img src="https://ns2020-investech.investech.com/wp-content/uploads/2021/06/Core-PCE-2.jpg" alt="Core personal expenditures graph shows highest reading since 1992.  " class="wp-image-8825"/></figure></div>
<!-- /wp:image -->

<!-- wp:paragraph -->
<p></p>
<!-- /wp:paragraph -->

<!-- wp:spacer {"height":52} -->
<div style="height:52px" aria-hidden="true" class="wp-block-spacer"></div>
<!-- /wp:spacer -->

<!-- wp:separator -->
<hr class="wp-block-separator"/>
<!-- /wp:separator -->

<!-- wp:paragraph -->
<p>Also available to read in <a href="https://ns2020-investech.investech.com/wp-content/pdf_files_wp/mi-inflation-1.pdf" target="_blank" rel="noreferrer noopener">PDF format.</a></p>
<!-- /wp:paragraph -->