[RightWhale]

personal consumption expenditure deflator -- rose 3.0 percent

The deflator, is it? Paycheck deflator. 3% sounds about right if it is for the qurter. That's 12.5% per annum, which my wallet says is, if anything, a little low.

[ThinkDifferent]

The deflator, is it? Paycheck deflator. 3% sounds about right if it is for the qurter. That's 12.5% per annum

Presumably that's an annualized rate. We're not anywhere near 12% inflation.