Should we be alarmed that the Fed is cutting rates at a time when core inflation has accelerated? Core = inflation excluding food and energy. Although the inflation rate for September itself was quite low, I note that core inflation has increased steadily in recent months and is now at 2.4% year over year. It appears the Fed will remain singularly focused on combating the effects of the Trump trade war. We can only hope that inflation will remain well contained even with the return of (very) easy money.