A quick note on inflation: my favorite measure happens to be quarterly CPI, which smooths out a bit of the monthly volatility but still provides a more current measure than the usual year-over-year reading. The downside, of course, is that you only get a quarterly update every three months—although there are times when I think we'd all be better off with this less frenetic frequency.
In any case, three months have gone by and we now have CPI for Q3 of 2024:
It doesn't get much better than that, does it?
With results like this, it's not so clear the Fed needs to do anything else for a while.
Groceries are more affordable now than in 2019. So why are people still so mad about prices?
https://www.marketwatch.com/story/groceries-are-more-affordable-now-than-in-2019-so-why-are-people-still-so-mad-about-prices-74b5a6db?mod=home-page
Maybe the answer to that question is the media itself, which tells the public constantly that food prices are high but hardly ever that groceries are more affordable today than under Trump in 2019.
"The downside, of course, is that you only get a quarterly update every three months" that's completely idiotic. You can get the 3 month moving average every month. Just like you get the 12 month moving average (i.e. the year over year inflation rate) once a month.