Kai Risdahl

Came in this morning at 2.8%.

That is higher by just a touch from October.

That is higher by just a touch from October.

Noted.

Noted.

Now, caveat emptor, because again, November.

Now, caveat emptor, because again, November.

PCE matters to all of us, of course, because PCE matters to the Federal Reserve.

PCE matters to all of us, of course, because PCE matters to the Federal Reserve.

Preferences like buying chicken instead of beef because beef is so expensive right now.

Preferences like buying chicken instead of beef because beef is so expensive right now.

The substitution effect is what economists call that.

The substitution effect is what economists call that.

PCE coming in the way it did today, by the by, that is higher, makes the Fed's interest rate meeting next week a teeny bit more predictable, by which I mean a lot more predictable.

PCE coming in the way it did today, by the by, that is higher, makes the Fed's interest rate meeting next week a teeny bit more predictable, by which I mean a lot more predictable.

Odds of a rate cut.

Odds of a rate cut.

are going way down.

are going way down.

That said, economic growth has been going up, or at least it was in the third quarter of last year, July through September.