CoinMeta data: The general inflation ( Trumpflation ) related to President Trump's tariffs and the Iran war has entered a more entrenched phase. New data shows that core inflation remained around 3.3% during the summer, despite a significant decline in overall prices. Core personal consumption expenditures ( PCE ), as the Federal Reserve's preferred inflation indicator, have been above the Fed's 2% target for 65 consecutive months. Federal Reserve Chairman Kevin Warsh raised interest rates by 25 basis points on September 16, indicating that entrenched inflation usually requires a longer cycle of rate hikes to be absorbed, rather than a single adjustment.