Liberty Street Economics: MCT Update: Inflation Persistence Declined Significantly in April

F E D E R A L   R E S E R V E   B A N K   o f   N E W  Y O R K LIBERTY STREET ECONOMICS   MCT Update: Inflation Persistence Declined Significantly in April   Martin Almuzara, Babur Kocaoglu, and Argia Sbordone    The authors present an updated estimate of inflation persistence, following the release of personal consumption expenditure (PCE) price data for April 2023. The estimates are obtained by the Multivariate Core Trend (MCT) model, which is a dynamic factor model estimated on monthly data for the seventeen major sectors of the PCE price index. The MCT declined in April from a downwardly revised reading in March.    READ MORE

 

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