RBC's Porcelli: Expect 'Only a Handful' of Fed Rate Hikes

The transcript discusses the economic concept of letting the economy run hot, as argued by Janet Yellen, and the implications of interest rate hikes. It highlights the focus on how many hikes are left rather than when they occur. The discussion includes inflation metrics, particularly core PCE, and the Fed's inflation expectations. It also examines energy prices and their impact on headline inflation, emphasizing the importance of core services inflation, which is not resonating with the Fed.

What is the argument that Janet Yellen is presenting regarding the economy and inflation?

How does the speaker suggest we should interpret the inflation data?

What does the speaker believe about the future of headline inflation?

What is the significance of core services inflation according to the speaker?

What does the speaker imply about the Fed's response to inflation metrics?