INVESCO: FED ISN'T BEHIND THE CURVE Invesco argues the Fed is not behind the curve, saying current rates are still restrictive or neutral. The firm estimates the neutral rate at 3.5%–4.0%, close to the current 3.50%–3.75% policy range. It also notes inflation isn't accelerating, with trimmed mean PCE at 2.2%, suggesting price pressures remain near target despite headline inflation staying above the Fed's goal.(*Walter Bloomberg)