Paradoxically, though inflation is falling fast, the Federal Reserve’s job to bring inflation down to its 2% target is not getting easier. In some ways, the real inflation fight is only beginning.

Last Friday, the Bureau of Labor Statistics released the personal income data series, which includes inflation as measured by the personal consumption expenditure price index, the Federal Reserve’s preferred inflation metric. The income data and inflation data were good. They were in line with market expectations. Personal income increased 0.4%, disposable personal income increased 0.4%, and personal consumption expenditures increased 0.1%.