Chart of the Day: Inflation Continues to Rise in May

The PCE inflation rate jumped again in May:

The core PCE rate, which excludes food and energy, is now above 2 percent for the first time since…15 months ago. So maybe this means there really is some inflationary pressure in the economy, or maybe it doesn’t mean very much at all. It will take the rest of the year to find out. In the meantime, however, this will confirm the Fed in its plan to continue raising interest rates steadily. I suppose I can’t blame them at this point, although given that the average core PCE over the past five years is only 1.9 percent, I still wish they’d be more willing to tolerate a higher upside value for a little longer.

Actually, I wish they’d been more willing to engineer a higher upside back in 2009-12, but they either couldn’t or wouldn’t. At this point, the economy is back to normal enough that tolerating only a smallish upside probably makes sense again.

SIX TRUTHS

Reclaiming power from those who abuse it often starts with telling the truth. And in "This Is How Authoritarians Get Defeated," MoJo's Monika Bauerlein unpacks six truths to remember during the homestretch of an election where democracy, truth, and decency are on the line.

Truth #1: The chaos is the point.

Truth #2: Team Reality is bigger than it seems.

Truth #3: Facebook owns this.

Truth #4: When we go to work, we're in the fight.

Truth #5: It's about minority rule.

Truth #6: The only thing that can save us is…us.

Please take a moment to see how all these truths add up, because what happens in the weeks and months ahead will reverberate for at least a generation and we better be prepared.

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SIX TRUTHS

Reclaiming power from those who abuse it often starts with telling the truth. And in "This Is How Authoritarians Get Defeated," MoJo's Monika Bauerlein unpacks six truths to remember during the homestretch of an election where democracy, truth, and decency are on the line.

Truth #1: The chaos is the point.

Truth #2: Team Reality is bigger than it seems.

Truth #3: Facebook owns this.

Truth #4: When we go to work, we're in the fight.

Truth #5: It's about minority rule.

Truth #6: The only thing that can save us is…us.

Please take a moment to see how all these truths add up, because what happens in the weeks and months ahead will reverberate for at least a generation and we better be prepared.

And if you think journalism like Mother Jones'—that calls it like it is, that will never acquiesce to power, that looks where others don't—can help guide us through this historic, high-stakes moment, and you're able to right now, please help us reach our $350,000 goal by October 31 with a donation today. It's all hands on deck for democracy.

payment methods

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