The Federal Reserve has struggled to boost prices

Core PCE inflation

US interest rates

2.5%

5%

2.0

4

1.5

3

1.0

2

0.5

1

0.0

0

2006

2008

2010

2012

2014

2016

2018

Source: TS Lombard

The Federal Reserve has struggled to boost prices

Core PCE inflation

US interest rates

2.5%

5%

2.0

4

1.5

3

1.0

2

0.5

1

0.0

0

2006

2008

2010

2012

2014

2016

2018

Source: TS Lombard

The Federal Reserve has struggled to boost prices

Core PCE inflation

US interest rates

2.5%

5%

2.0

4

1.5

3

1.0

2

0.5

1

0.0

0

2006

2008

2010

2012

2014

2016

2018

Source: TS Lombard

The Federal Reserve has struggled to boost prices

Core PCE inflation

US interest rates

2.5%

5%

2.0

4

1.5

3

1.0

2

0.5

1

0.0

0

2006

2008

2010

2012

2014

2016

2018

Source: TS Lombard