Thanks. Another number to watch is core inflation in the last 2 years. From a few months before covid to the latest number: Nov 2019: 265427, Nov 2021: 283201

Thanks. Another number to watch is core inflation in the last 2 years. From a few months before covid to the latest number: Nov 2019: 265427, Nov 2021: 283201 Annualized Core CPI is 3.29%. +1.3% higher than the target. My first order guess is that Fed will decrease asset purchases gradually and an interest rate hike in the next summer might happen if the long-term core inflation is higher than normal. This seems to be what they are communicating.