The Fed's got it right. Data going back to 1962 shows the 10-year Treasury yield is far more correlated with core CPI than it is with the headline rate, notes Matt Busigin. Since 1986, the Treasury/core rate correlation is even higher, getting pretty close to 1. The data also gives truth to the argument that energy and food price shocks (which affect the headline) are deflationary.
The Fed's got it right. Data going back to 1962 shows the 10-year Treasury yield is far more...
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