Fed Drift · prints
The 2 percent target
The Committee names 2 percent PCE inflation over the longer run. This page counts how often the print sat on that number.
This is not a language score. Fed Language Drift measures what the verbs bind the committee to. This page measures the series they named as the goal. Forty-eight months, July 2022 through June 2026. Headline 12-month PCE never printed 2.0. It never got inside two tenths. Core never fell below 2.6.
Headline at 2.0%
0 of 48 months.
Core at 2.0%
0 of 48 months.
Closest headline
Sep 24, 2.26%.
Four-year mean
3.5% headline. Core floor 2.61%.
12-month PCE vs 2% target
12-month percent change in the PCE price index and PCE excluding food and energy. Dashed line is the 2 percent longer-run goal. Source: BEA via FRED (PCEPI, PCEPILFE). Through June 2026, released 30 July 2026.
Closest approaches
Quotes of the goal: FOMC statements. Prints: BEA Personal Income and Outlays, PCE price index. FRED PCEPI and PCEPILFE. Next BEA release 26 August 2026. Dual mandate footnote: this count is inflation only. Back to Fed Language Drift.