{"id":1149,"date":"2026-06-10T18:13:23","date_gmt":"2026-06-10T18:13:23","guid":{"rendered":"https:\/\/crosscountrymovingteams.com\/?p=1149"},"modified":"2026-06-10T18:13:23","modified_gmt":"2026-06-10T18:13:23","slug":"inflation-is-back-above-4-for-the-first-time-since-2023-but-kevin-warsh-might-catch-a-break","status":"publish","type":"post","link":"https:\/\/crosscountrymovingteams.com\/?p=1149","title":{"rendered":"Inflation is back above 4% for the first time since 2023\u2014but Kevin Warsh might catch a break"},"content":{"rendered":"
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If you strip out food and energy from the \u201ccore\u201d CPI, it rose just 0.2% and 2.9% over the year, softer than expected and suggesting that the spillover was relatively limited. That\u2019s the number the Fed actually watches, and it isn\u2019t flashing the overheating signs that could force its hand.<\/p>\n

Read more Switzerland to cast world\u2019s first ever vote on whether to cap population<\/a><\/p>\n

Overheating was the fear with this print, not just from the Iran war but with AI. Chicago Fed President Austan Goolsbee has warned that the AI boom could heat the economy before it delivers any productivity gains, as the costs of the buildout grow. China\u2019s economy showed a version of this overnight, with wholesale inflation near a four-year high on AI-driven demand. But May\u2019s consumer data doesn\u2019t show it yet; the hot part is still the oil shock.<\/p>\n

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Yet an inflation rate above 4% makes a rate cut harder for new Fed chair Kevin Warsh to justify, especially after a surprisingly strong May jobs report. The risk now is that the oil shock, like the previous supply shocks that have battered the economy since the pandemic, proves to be sticky.<\/p>\n

It\u2019s an awkward print for Warsh in particular. Confirmed in May in the closest Fed-chair vote in modern history, critics accuse him of being installed largely because Trump expects him to cut rates. Warsh, for his part, has argued that productivity gains from AI will allow the economy to grow faster without spurring inflation, thereby enabling the Fed to lower borrowing costs.\u00a0<\/p>\n

Read more Xbox\u2019s CEO spent her early career taking out trash and selling coupon books\u2014she says the secret to her rise was never obsessing over a dream career<\/a><\/p>\n

But the American public is showing signs of fatigue with five years of above-2% inflation. Consumer sentiment fell to a record low in May, marking its third straight monthly drop, with 57% of Americans reporting that high prices are eroding their finances. Wednesday\u2019s print showed that wages rose just 3.4% over the year, meaning that 4.2% inflation is beginning to outpace workers\u2019 pay gains as prices rise in gas, electricity, food, and medical care.\u00a0<\/p>\n

The market has gotten the message. After May\u2019s strong jobs report and Goldman Sachs pulling its 2026 rate-cut forecast, traders began pricing out a rate cut and pricing in a hike. As of Wednesday, the CME FedWatch tool priced a 63% chance of a quarter-point increase by October, a near-total reversal from the cut consensus that dominated Wall Street weeks ago.<\/p>\n

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Jeffrey Roach, chief economist at LPL Financial, expects the central bank to \u201cremain on hold while removing any bias toward additional easing,\u201d basically stripping out the signal that cuts are coming.<\/p>\n

Read more Finance teams can\u2019t quit Excel. Workday wants to change that with AI<\/a><\/p>\n

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Core inflation stayed tame, easing hawkish worries at the Fed.<\/p>\n","protected":false},"author":1,"featured_media":1148,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[58],"tags":[],"class_list":["post-1149","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-inflation"],"yoast_head":"\nInflation is back above 4% for the first time since 2023\u2014but Kevin Warsh might catch a break - Cross Country Moving Team<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/crosscountrymovingteams.com\/?p=1149\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Inflation is back above 4% for the first time since 2023\u2014but Kevin Warsh might catch a break - Cross Country Moving Team\" \/>\n<meta property=\"og:description\" content=\"Core inflation stayed tame, easing hawkish worries at the Fed.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/crosscountrymovingteams.com\/?p=1149\" \/>\n<meta property=\"og:site_name\" content=\"Cross Country Moving Team\" \/>\n<meta property=\"article:published_time\" content=\"2026-06-10T18:13:23+00:00\" \/>\n<meta name=\"author\" content=\"admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/crosscountrymovingteams.com\\\/?p=1149#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/crosscountrymovingteams.com\\\/?p=1149\"},\"author\":{\"name\":\"admin\",\"@id\":\"https:\\\/\\\/crosscountrymovingteams.com\\\/#\\\/schema\\\/person\\\/1b8121bfb9a1c55d1fff3fca675fceaa\"},\"headline\":\"Inflation is back above 4% for the first time since 2023\u2014but Kevin Warsh might catch a break\",\"datePublished\":\"2026-06-10T18:13:23+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/crosscountrymovingteams.com\\\/?p=1149\"},\"wordCount\":484,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/crosscountrymovingteams.com\\\/?p=1149#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/crosscountrymovingteams.com\\\/wp-content\\\/uploads\\\/2026\\\/06\\\/d16eb3a357846ab499abe04bb5f90e03.webp\",\"articleSection\":[\"Inflation\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/crosscountrymovingteams.com\\\/?p=1149#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/crosscountrymovingteams.com\\\/?p=1149\",\"url\":\"https:\\\/\\\/crosscountrymovingteams.com\\\/?p=1149\",\"name\":\"Inflation is back above 4% for the first time since 2023\u2014but Kevin Warsh might catch a break - 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