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E.J. Antoni: Global supply chain pressures remain high despite slight May decline
E.J. Antoni highlights that the New York Fed's global supply chain pressure index dropped slightly in May but still remains at a very elevated level. The current pressure is described as higher than any point seen before the lockdown-related disruptions from 2020 to 2022. Antoni notes that the ongoing Iran War will continue to impact supply chains for many months ahead.
Antoni recently reported that the Dallas Fed's trimmed mean PCE inflation rate dipped to 2.3% in April. He has also tracked labor market indicators, noting that jobless claims remain below prior-year levels. These updates provide context as supply chain pressures stay elevated.
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