The Federal Reserve has been unable to hit their target of 2% for core Personal Consumption Expenditures (PC) prices YoY since Q1 2012. And before Q1 2012, it was September 2008 (smack in the middle of The Great Recession) when the US economy) last hit 2% core PCE price growth.
As of May, core PCE price growth is sitting at an abysmal 1.4% YoY.
Bloomberg’s chart of core PCE price growth YoY looks even worse, particularly since March 2017.
Of course, The Fed is almost always overly optimistic when it comes to expected rate increases (that often don’t pan out).
Janet Yellen and The Fed just can’t can reach their target rate. Apparently, it is Mission Impossible for Janet and her team.