Several Wall Street economists said policymakers were unlikely to be overly relieved by the numbers because of the complex calculations and trends in key areas behind the data. Stephen Juneau, economist at Bank of America, said in a note: "In short, the inflation process in 2025 is off to a rocky start, and our forecast for PCE inflation reinforces our view that inflation is unlikely to fall far enough for the Fed to cut rates this year, especially if policy changes push up inflation. Unless activity data weaken significantly, we expect policy rates to remain unchanged through the end of the year." Although the Federal Reserve also focuses on CPI and PPI, it believes that the PCE price index ultimately has the voice over inflation. Most economists believe that the latest PCE data, due later this month, will show year-on-year inflation holding steady at 2.6% at best, and possibly even rising slightly, further away from the Fed's 2% target.