- Does not think higher goods inflation is mostly from tariffs, but acknowledges that he does not have a full explanation for it
- Goods inflation could be settling in at a higher level than was normal before the pandemic, but that will be offset by housing disinflation
- Ex housing and non-market based items, core PCE inflation may be below 2.3%, "within noise" of the Fed's 2% target
Geez, when you need to strip out all kinds of things and cherry-pick only to get to 2.3% and you don't have an explanation for goods inflation, maybe dissenting for 50 bps isn't the best course of action.
