That’s certainly a huge part of their formula (PCE is the FOMC’s preferred index) but also wage growth is the other key factor.
Ever notice how freepers just looove to say we got 'runawayhyperinflation' and when I ask if their incomes are soaring they say say wages have nothing to do w/ inflation. Rush was saying that too --"...we got horrible inflation and stagnant wages..." and that's when I switch back over to Dennis Prager.