# How the Fed Is Reading the May CPI Spike

Page: https://stenobird.com/podcast/the-federal-reserve-podcast-with-fexingo-interest-rates-fomc-meetings-and-monetary-policy-7871696/how-the-fed-is-reading-the-may-cpi-spike
Text version: https://stenobird.com/podcast/the-federal-reserve-podcast-with-fexingo-interest-rates-fomc-meetings-and-monetary-policy-7871696/how-the-fed-is-reading-the-may-cpi-spike.md
Podcast: [The Federal Reserve Podcast with Fexingo: Interest Rates, FOMC Meetings, and Monetary Policy](https://stenobird.com/podcast/the-federal-reserve-podcast-with-fexingo-interest-rates-fomc-meetings-and-monetary-policy-7871696)
Published: 2026-06-14T05:28:50+00:00
Episode link: https://audio.fexingo.com/business/the-federal-reserve-podcast/episode-0051.mp3
Audio file: https://audio.fexingo.com/business/the-federal-reserve-podcast/episode-0051.mp3
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JSON: https://stenobird.com/v1/public/podcasts/the-federal-reserve-podcast-with-fexingo-interest-rates-fomc-meetings-and-monetary-policy-7871696/episodes/how-the-fed-is-reading-the-may-cpi-spike
Duration seconds: 360

## Resource

In episode 51 of The Federal Reserve Podcast, Lucas and Luna break down what the Fed actually focuses on in the May CPI report — not the headline 4.2% number making the news, but the shift in core services ex-housing and the unexpected jump in used car prices. They connect the inflation data to the Fed's neutral rate debate, the ECB's rate hike, and the 10-year breakeven inflation rate ticking up to 2.31%. Lucas explains why this CPI print complicates the Fed's path to cutting rates, while Luna pushes back on whether one month of data should change the outlook. A focused conversation on what the Fed's models are picking up right now. #FederalReserve #CPI #Inflation #MayCPI #CoreServices #UsedCars #NeutralRate #ECB #MonetaryPolicy #FOMC #BreakevenInflation #InterestRates #Economics #Macro #Podcast #FexingoBusiness #BusinessPodcast #FedWatch Keep every episode free: buymeacoffee.com/fexingo

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