Chart from Mike Konczal: The Fed is flagging core services ex housing as their indicator ffor watching potential inflation from labor markets - as compared between CPI and PCE.

CPI flattened out hard; PCE is still more elevated, but also has shown a decline this month. So, if the Fed isn't moving the goal posts, there should be an end to Fed rate hikes sooner than later. That's a big "If". #CoSoFinance