It is generally accepted that prevention is better than cure. Nevertheless, I have been struck by the fact that, in very difficult periods, when, unfortunately, the long-term ex ante prevention of turbulence has not been effective, the immediate decisions that appear necessary to avoid the crisis might not be fully understood by external observers, including the general public.
Core CPI inflation over the last three months of 2022 was revised up from 3.1 percent (at an annual rate) to now be 4.3 percent. Similarly, the 2022 fourth quarter PCE inflation data was revised from 2.9 percent to 3.6 percent. And the three-month rates increased in January; even measures that trim out the largest and smallest price changes saw increases.