Albeit only to the extent where it could be holding even or even slightly growing, but the noise in the data happened to be high before and lower now. If you lo

Albeit only to the extent where it could be holding even or even slightly growing, but the noise in the data happened to be high before and lower now. If you look back over other periods of inflation growth, they have periods like this in them; nothing goes straight up or straight down. I'd be much less likely to say something like this if it was down by 1 or 2% or something. However, it is also compatible with the Fed slowly getting it under control, and slowly under control is better in a lot of ways that quickly getting it under control. Basically, the numbers we have now don't mean a lot, except that extreme things aren't happening.