Inflation is rising, but it has nothing to do with tariffs. It has everything to do with the Fed’s policy and the Treasury’s uncontrolled spending.

The Core PCE Price Index, which excludes food and energy, rose by 0.2% this month and remains stubbornly high at 2.8% annualized. The headline PCE Price Index increased by 0.3%, the first 0.3% monthly increase in eight months. This has pushed the annualized increase to 2.55%, the highest in seven months.

Obviously, this inflation trend has nothing to do with tariffs but with the fact that government spending soared 10% in 2024, and money supply growth is at a two-year-high.