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The latest data indicate that core Consumer Price Index (CPI) is increasing, while core Personal Consumption Expenditures (PCE) is moving lower. Greg Ip described how the revised methodology had suggested convergence would come from PCE decreasing, but recent developments point instead to CPI moving up.
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Greg Ip has recently analyzed trends in household wealth, reporting that new Fed data showed elderly households gained wealth between 2022 and 2025 while younger generations lost ground. He has also addressed historical policy actions, clarifying that the Plaza Accord was not forced on Japan and did not cause its lost decades. These prior observations provide context for his assessment of inflation indicator convergence.