"It is a good thing headline inflation has gone down a bit .I would say that having headline inflation move down that much...will strengthen the broad sense that the public has that inflation is coming down, which will in turn, we hope, help inflation continue to move down."

Transcript of Chair Powell's Press Conference -- June 14, 2023 (federalreserve.gov) (https://www.federalreserve.gov/mediacenter/files/FOMCpresconf20230614.pdf)


Headline inflation is down because gas prices were temporarily down. That has all changed in the last week where we have seen huge increases in oil and gas prices.

Gas prices just saw their biggest one-day increase in a year | CNN Business (https://www.cnn.com/2023/07/25/business/gas-prices-going-up/index.html)

This is due to OPEC getting a taste of $100/bbl oil and liking it .......and the heat wave that has swept the US and the world.

The Fed has already redefined it's goals from 2% inflation to an overall average of 2% over time . It won't be long before political pressure from Clueless Joe has them revising their goals upwards.

Bottom line is that Clueless created the inflation with policies like abandonment of energy independence ;and prolific spending and printing of monopoly money.