The evidence for a vibecession is right in front of us. But people are enraged when you point to it washingtonpost.com/politics/2024/…

'America rapidly restored full employment while experiencing a one-time jump in the level of prices without a sustained rise in inflation, the rate at which prices are rising. Not bad, especially considering all the dire predictions made along the way. '

-Paul Krugman

ICYMI, watch the video of Angus Deaton and Paul Krugman in Conversation - now on YouTube! youtu.be/g3WfzXUce2E - two Nobel laureates discuss the role of the economist in today's political landscape. Presented w/Stone Center on Socio-Economic Inequality, intro Janet Gornick. cc: CUNY Graduate Center Economics CUNY TV @CUNY

This has become my favorite trend PCE measure. It performs well in Phillips Curve models augmented with supply chain pressures, better than core or median inflation, although it is still vulnerable to short-run fluctuations as you can see from the graph.

Currently at 2.9%.