{chart} The Fed has a two-day meeting this Tuesday and Wednesday. The last two-day meeting in which the Fed gave Economic Projections was in March. In March, the year-over-year CPI was 2.6%. Since then, inflation as measured by the CPI has been on a tear. {charts} In March, the Fed projected inflation to be around 2% through 2023. The Fed uses a PCE (Personal Consumption Expenditures) measure of inflation not a CPI measure. The PCE has been running well below the CPI. PCE includes items purchased on behalf of consumers (corporate-paid medical care is the most significant example) whereas the CPI only contains items ... (full story)