Despite the predictions of rising inflation, core inflation (CPI YoY less energy and food) cooled to 2.2%.
And rent inflation cooled to 3.3% YoY.
Gold prices rose on the lower core inflation report.
Meanwhile, the GINI index of income inequality keeps on rising.
According to the Taylor Rule, The Fed still needs to raise their target rate to 7.54%.
The Federal Reserve didn’t see that coming!