US Core Inflation Rises In April To 4.7% Despite M2 Money Growth Crashing To -4.6% YoY, More Rate Hikes Forecast (Damn It, Janet [Yellen])

Damn it, Janet (Yellen)!

So much for Treasury Secretary Janet Yellen’s proclamtion that inflation is transitory and would subside to under 2%. April’s core inflation (PCE Deflator) rose to 4.7% YoY. Despite M2 Money growth crashing to -4.6% YoY.

Today’s Fed Funds Futures data is pointing to another rate hike or two.

With Core PCE at 4.7%, the Taylor Rule suggested Fed Funds Target rate is now 10.57%. So, The Fed is only about half way there.

Damn it, Janet, people are suffering from the ravages of inflation and you laugh.