This week’s main release – the US December CPI – aligns with our forecast that core inflation is stabilizing around a 3%ar as we turn into the new year. But the Fed’s target inflation indicator – core PCE – is running close to a 2%ar, fueling optimism about early easing. We continue to see the Fed remaining on hold through March and expect it to signal both progress and patience at the January FOMC meeting. Speakers: Bruce Kasman Joseph Lupton This podcast was recorded on 12 January 2024. This communication is provided for information purposes only. Institutional clients please visit www.jpmm.com/research/disclosures for important disclosures. © 2024 JPMorgan Chase & Co. All rights reserved. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan. It is strictly prohibited to use or share without prior written consent from J.P. Morgan any research material received from J.P. Morgan or an authorized third-party (“J.P. Morgan Data”) in any third-party artificial intelligence (“AI”) systems or models when such J.P. Morgan Data is accessible by a third-party. It is permissible to use J.P. Morgan Data for internal business purposes only in an AI system or model that protects the confidentiality of J.P. Morgan Data so as to prevent any and all access to or use of such J.P. Morgan Data by any third-party.