Summary:
During the past year, headline Consumer Price Index (CPI) has fallen roughly six percentage points – from above 9% in June 2022 to just under 3% through June 2023. This sharp decline in inflation should not come as a surprise since it has been the Federal Reserve’s singular focus for more than a year. They’ve even implemented the fastest start to a rate-hiking cycle in history to expedite its decline. However, with inflation falling so rapidly, it’s fair to wonder if the Fed’s 2% target is now within sight.
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