Kevin Gordon, head of macro research at the Charles Schwab Center for Financial
Research, said after Wednesday's US PCE release that current inflation is driven
mainly by AI-related spending, tariffs and energy. He noted the goods sector
shows the tariff and energy effects most clearly — in a post-tariff environment
goods disinflation is now rare, especially for durables, which historically were
largely deflationary. Services inflation, he said, is typical in expansions and
currently "benign," showing resilience and materially supporting GDP growth.
