INFLATION IS PERKING UP AGAIN, WITH THE PCE UP 3.8% YEAR-OVER-YEAR AND THE CORE PCE UP 3.3%. THE LATTER IS OF LITTLE COMFORT TO ANYONE WHO BUYS GROCERIES OR GAS. THE INFLATION RATE HAS NOW BEEN ABOVE

PCE at 3.8% and core at 3.3% both exceed Fed's 2% target for 5 years.