Psaki: ‘Core Inflation Was Not Only Below Expectations But It Decelerated from Last Month’

EXCERPT:

PSAKI: "Well, Kaitlan, if you actually look at the numbers and the trends over the last several months, it shows that core inflation, one, was not only below expectations, but it decelerated from last month and even from the month prior. So, over the last couple of months, we actually saw it trended downward over the last three months, and that is an encouraging sign. We also continue to believe that, as the economy turns back on and as people are — as businesses are starting to move, as the supply — as the demand start to change in the economy, that there will be transitory impacts as it relates to inflation. Those are projections that have been made, of course, by not just by the Federal Reserve, but by CBO, Goldman Sachs, UBS, Moody’s and others. They’ve also all predicted that inflation will come down next year and those are their projections that we abide by.”