multivariate core trend rate of inflation

The New York Fed's "multivariate core trend" rate of inflation is their attempt to capture the underlying trend of prices and it fell to 2.9% y/y in June from a downwardly revised 3.2% in May. It's now at the lowest two-and-a-half years.

Persistence in both housing and services ex-housing inflation was dominated by the sector-specific component of the trend, the NY Fed said.

It's certainly a bull market in obscure inflation metrics.