The Fed's favorite inflation gauge rose 5.2%

5.2.22 - The Fed's Favorite Inflation Gauge Up 5.2%

Gold last traded at $1,862 an ounce. Silver at $22.49 an ounce.

NEWS SUMMARY: Precious metal prices traded sharply lower Monday as the dollar hit 20-year highs. U.S. stocks opened lower after the Nasdaq Index posted its worst month since 2008; pressured by rising rates, rampant inflation and underwhelming earnings.

Fox Business--"A key measure of annual inflation that is closely watched by the Federal Reserve is running close to the hottest pace in nearly four decades as the Russian war in Ukraine, widespread supply disruptions, extraordinarily high consumer demand and worker shortages fuel rapidly rising prices.

Core prices, which exclude the more volatile measurements of food and energy, soared by 5.2% in the year through March, according to the personal consumption expenditures price index data released Friday morning. That measurement is the Fed's preferred gauge to track inflation; it marks the 12th consecutive month the measure has been above the central bank's target range of 2%.

Including food and energy, the inflation gauge jumped 6.6% in March from the previous year, beating out last month's measurement of 6.3% to become the fastest pace since 1981.

In the one-month period between February and March, core prices soared 0.3%, while the headline gain shot up by 0.9%."