"Federal Reserve Messenger" Nick Timiraos analyzes US inflation: Questions remain about residual seasonality. Some say the mild move in the second half of 2023 is an outlier and inflation has yet to be contained. Others say the sizzling data for Quarter 1 2024 is an outlier, interrupting a series of readings close to the inflation target that began last summer. Inflation has been close to pre-epidemic levels since April. Core inflation has been lower in every month so far this year except March than it was in the same period last year.