One of the US Fed’s favoured measures of inflation is the change in the core personal consumption expenditures (PCE) price index. After hitting the Fed’s target at 2.0% in July, the annual rate then slipped a little and then hovered in a range between 1.8% and 2.0% through the end of 2018 and into early 2019. January’s expenditure figures have now been published by the Bureau of Economic Analysis as...