November PCE #inflation +5.5% y/y vs. +5.5% est. & +6.1% in prior month (rev up from +6%) … core PCE +4.7% vs. +4.6% est. & +5% prior. This shows inflation is easing, and fairly quickly, too. Yet, Powell & Co. had to know this was coming, and yet they relentlessly push a higher-for-longer message. So, what, really, is the Fed's agenda?