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September 2023 PCE Inflation Report Republican Staff Commentary Econ Intel Special Edition Republican Staff Commentary OUTLOOK FOR Q4 REAL GDP Yesterday the Atlanta Fed revised up its nowcast of Q4 real...

September 2023 PCE Inflation Report Republican Staff Commentary October 20 3 PCE Inflation Report KEY TAKEAWAYS At 8 30am BEA announced that in October Personal income increased by 0 2 percent m m 57 1B...than prices Real PCE personal consumption expenditures rose by 0 2 percent m m 26 3B Headline PCE inflation printed at 0 0 percent m m 0 049 was rounded down to zero o This is a substantial change from the...The negligible increase in headline inflation will likely be highlighted in media covering this data release but it should be taken with a grain of salt Core inflation excludes highly variable energy and...

October 2023 PCE Inflation Report Republican Staff Commentary KEY TAKEAWAYS At 8 30am BLS announced that in Oct Headline CPI inflation was zero m m after rising 0 4 last month o The food and shelter indexes...were offset by declines in other categories o Notably the gasoline index fell by 5 0 m m Core CPI inflation was 0 2 m m after rising 0 3 last month o This measure excludes the volatile food and energy categories...categories o Notable increases occurred in rents car insurance medical care and recreation Headline inflation is 3 2 y y still well above the Fed s 2 target Separately BLS announced that in Oct Real average...

KEY TAKEAWAYS At 8 30am the BLS announced that in September Headline CPI inflation was 0 4 m m a decrease from 0 6 last month o Housing prices accounted for more than half of the increase rising 0 6 m...to the increase rising 2 1 m m Core CPI inflation was 0 3 m m unchanged from last month o Core CPI excludes volatile food and energy prices It indicates inflation s near term trend o Housing prices were...1 raise you ve effectively gotten a pay cut Real inflation adjusted STATE LEVEL INFLATION According to JEC s updated estimates for state level inflation families in 14 states are facing an additional 1000...

without overheating the economy Expansionary policies would be less likely to lead to unwanted inflation and the size of the deficit would be of less immediate concern if economic growth accelerates toward...testified in 2015 that tuition prices have increased by 225 percent over the past 30 years after inflation 63 The 2017 Response explains that easy access of subsidized credit to nearly all college students...economic growth prospects OVERVIEW From 2008 2016 inflation adjusted real GDP growth averaged only 1 3 percent compared to 2 9 percent from 1990 2007 The inflation rate slowed to a 1 5 percent average from 2008...

year and as a result 2006 was the first year in three years to show growth in inflation adjusted weekly earnings While inflation adjusted hourly wages fell in early 2007 they are now growing but at a much...S Congress September 19 2007 p 2 Shiller cites a 13 percent real decline Given a three percent inflation rate this translates to a 16 percent nominal decline 40 Note that total property loss is only slightly...The no drawdown scenario then assumes this spending stays constant in real terms adjusted for a 2 inflation level through 2017 This reflects a continued commitment of 155 000 troops to the occupation of Iraq...

Introduction 5 1 Economic Stability and Monetary Policy 7 I The Importance of Price Stability 7 II Inflation and the Tax Code 8 III Two Key Propositions of Monetary Policy 9 IV The Remarkable Record of the...Insurance Fully Tax Deductible for Individuals 76 VII Concluding Thought 77 8 Capital Gains Growth and Inflation 78 I Capital Gains and Economic Growth 78 II The Nature and Uniqueness of Capital Gains 79 III The...The Optimal Capital Gains Tax Rate 79 IV The Double Taxation of Investment Returns 80 V Inflation and the Taxation of Capital Gains 80 VI Indexation 82 VII Beneficiaries of Lower Capital Gains Rates and...

STUDIES 17 Monetary Policy 19 Lessons From Inflation Targeting Experience 19 The Importance of the Federal Reserve 19 Establishing Federal Reserve Inflation Goals 19 A Response to Criticisms of Price Stability...began in the second quarter of 1991 continues to generate economic and employment gains even as the inflation rate continues to decline Economic growth has been solid over the last four quarters and employment...coporate or bank baance sheet distortions overbuilding in the constnction indusny resurgens of inflation or sharp interest rate increases are neither evident nor expected 8 2 Joint Economic Committee Study...

resilient spurred by tax relief enacted in earlier years and low interest rates Partly because inflation and inflation expectations remained well contained interest rates have not changed significantly since...partly because of strong demand from China and India Despite rising energy and commodity prices inflation in consumer prices remains low by historical standards Between the third quarter of last year and...to turn positive in September 2003 and job gains continued throughout the remainder of the year Inflation remained benign at the close of last year This allowed the Federal Reserve to keep short term overnight...

highly favorable impression of conditions and prospects than facts justify Emphasis upon fighting an inflation straw man at the expense of what should be the primary objectives of economic policy maxi mum employment...borrow in order to obtain reserves The fear of anticipated price rises and the fear of anticipated inflation have obviously been given greater weight in the minds of the authorities than actual facts Unless...families would be inflationary This committee has a record of being as zealous in its battles against inflation as anyone We call attention to this committee s unanimous recommendation to the Congress in July...