PCE: Don't Confuse A Revision With Disinflation

August core PCE inflation was 3.0% year over year, although much of the reported improvement resulted from BEA historical revisions rather than new disinflation. Revised core PCE is running at a 2.1% annualized rate over three months and 2.7% over six months, indicating a more favorable near-term inflation trend but leaving the durability of progress uncertain.