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Chart of the Week
As the US economy reopens, inflation has spiked due to base effects, as well as supply chain disruptions and one-off fiscal stimulus spending. Our expectation is that these effects will be transient, and that US core PCE will peak in Q2 before normalizing in YE 2021 and gradually rising higher through 2024.
Source: Goldman Sachs GIR and Goldman Sachs Asset Management. As of 5/14/21.