Dallas Fed trimmed mean PCE price index +2.3% annualized in December vs +3.0% prior

• One-month trimmed mean annualized +2.3% vs +3.0% prior
• 12-month PCE trimmed mean +4.4% vs +5.0% prior

These one-month numbers have come down from 6.0% in August to near the Fed’s target. It will take more numbers like this with the help of lapping soft comps to get the Fed where it wants to be.