YoY Core CPI = 3.1% Up 0.3% in the last 3-months. In the last 40 YEARS, only once has the Fed CUT rates when core was above 3% AND the 3m chg was >0.3%, Oct 1990 to Mar 1991. I agree with @EpsilonTheory, the 2% target is not dead. We are accepting a higher inflation world. (Jim Bianco)