The Fed can very well hit 2% inflation without raising rates. Watch for “trimmed-mean” PCE to start showing up in official statements and press conference wording through the rest of the year. They’re going to measure inflation differently. That’s likely how they get there and Warsh has been passively saying it for like the last month. Warsh has two task forces on this…inflation frameworks and data. Both looking at HOW inflation gets measured. He’s not chasing the target like everyone is used to, simply because he knows the measurement is about to change.(Dan Gambardello)