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Why Service Prices Are Keeping Inflation Sticky
Core CPI came in hot again for April, driven almost entirely by services like rent, car insurance, and medical care. Lucas and Luna break down why goods deflation isn't enough to bring the headline number down, what the 2.40 percent ten-year breakeven tells us about market expectations, and whether the Fed's next move depends more on wage growth in the service sector than on anything else. Specific numbers: April CPI at 332.4, core CPI at 335.4, ten-year breakeven inflation at 2.40. A focused look at the one inflation component that keeps surprising to the upside.
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The skinny
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