45% | Will core PCE exceed 3.2% year over year in any month from June through December 2026?

Back to thesis map Part ofWill the Federal Reserve raise the target range for the federal funds rate at any point during 2026?

Current eventInflation pressure

Will core PCE exceed 3.2% year over year in any month from June through December 2026?

LiveResolves Dec 31, 2026

Current view

45%

Current 4 model consensus

Movement

Recent consensus movement

Model disagreement

37pt

Range across the model set

Evidence

Diverging

The evidence is sharply disputed

Thesis map

What is carrying or resisting the view?

Start with the map. Select a mechanism or condition to see what supports the thesis, what resists it, and where disagreement deserves review.

What changed

No decision-relevant findings are available yet.

Review record

Weekly freezes, daily history, and the map version preserved with the record.

Why the view is fragile

37pt model spread around 45% consensus. Open the full disagreement instrument only when you need the model-level reasoning.

Model disagreement

Model spread

37pt

28% to 65%

Consensus

45%

4 models

Evidence state

Diverging

Models sharply disagree

Most divergent

GPT-4o

+20pt from consensus

Disagreement synthesis

The models share a central case but assign different weight to the evidence.

Claude anchors the lower end at 28%, while GPT-4o anchors the upper end at 65%. Consensus sits at 45%, leaving a 37 point range for review.

Primary review question

Unexpected changes in global supply chains or energy prices could significantly influence inflation and shift the trajectory of core PCE.

Shared probability axis

Range 28% to 65%

Consensus 45%

Claude 28

Gemini 40

Grok 47

GPT-4o 65

0255075100

ModelForecastVs consensusDivergenceReasoning signal

Model reasoning

Select a model to inspect

Reasoning

Given the current federal funds target range of 3.50 to 3.75 percent and the June 2026 dot plot indicating a median year-end rate expectation of 3.8 percent, conditions are leaning towards a tighter monetary policy amid persistent inflation concerns. The Federal Reserve's recent decision to erase any prior cutting bias suggests that policymakers are prepared to act if inflation pressures do not recede, making it plausible that core PCE could exceed 3.2% year over year during the second half of 2026.

Key uncertainty

Unexpected changes in global supply chains or energy prices could significantly influence inflation and shift the trajectory of core PCE.

Deep dive

Full decomposition, component audit, trajectory, and detailed analytical views.

Deep dive

Detailed evidence, audit, and history views.

Open only what you need

Belief trajectoryConsensus 45% · 37pt spread

Belief trajectory0 updates

Belief trajectory

Consensus—

Spread—

Confidence—

Δ Consensus—

Loading belief trajectory…

Resolution & provenance

Resolution sources, record policy, cadence, and permanent record metadata.

Resolution and provenance

How the thesis resolves and how its record is maintained.

Permanent record

Resolution sources

Federal Reserve FOMC statementsimplementation notesSEPpress conference materialsofficial target rangeBLSBEAEIATreasuryFREDCME FedWatchmajor bank research

Record ID

CRENE-FED-WARSH-INF-002

Record policy

Append only

Freeze cadence

Thursdays

Generated

Aug 13, 2026

Back to thesis map Part ofWill the Federal Reserve raise the target range for the federal funds rate at any point during 2026?

Current eventInflation pressure

Will core PCE exceed 3.2% year over year in any month from June through December 2026?

LiveResolves Dec 31, 2026

Current view

45%

Current 4 model consensus

Movement

Recent consensus movement

Model disagreement

37pt

Range across the model set

Evidence

Diverging

The evidence is sharply disputed

Thesis map

What is carrying or resisting the view?

Start with the map. Select a mechanism or condition to see what supports the thesis, what resists it, and where disagreement deserves review.

What changed

No decision-relevant findings are available yet.

Review record

Weekly freezes, daily history, and the map version preserved with the record.

Why the view is fragile

37pt model spread around 45% consensus. Open the full disagreement instrument only when you need the model-level reasoning.

Model disagreement

Model spread

37pt

28% to 65%

Consensus

45%

4 models

Evidence state

Diverging

Models sharply disagree

Most divergent

GPT-4o

+20pt from consensus

Disagreement synthesis

The models share a central case but assign different weight to the evidence.

Claude anchors the lower end at 28%, while GPT-4o anchors the upper end at 65%. Consensus sits at 45%, leaving a 37 point range for review.

Primary review question

Unexpected changes in global supply chains or energy prices could significantly influence inflation and shift the trajectory of core PCE.

Shared probability axis

Range 28% to 65%

Consensus 45%

Claude 28

Gemini 40

Grok 47

GPT-4o 65

0255075100

ModelForecastVs consensusDivergenceReasoning signal

Model reasoning

Select a model to inspect

Reasoning

Key uncertainty

Unexpected changes in global supply chains or energy prices could significantly influence inflation and shift the trajectory of core PCE.

Deep dive

Full decomposition, component audit, trajectory, and detailed analytical views.

Deep dive

Detailed evidence, audit, and history views.

Open only what you need

Belief trajectoryConsensus 45% · 37pt spread

Belief trajectory0 updates

Belief trajectory

Consensus—

Spread—

Confidence—

Δ Consensus—

Loading belief trajectory…

Resolution & provenance

Resolution sources, record policy, cadence, and permanent record metadata.

Resolution and provenance

How the thesis resolves and how its record is maintained.

Permanent record

Resolution sources

Federal Reserve FOMC statementsimplementation notesSEPpress conference materialsofficial target rangeBLSBEAEIATreasuryFREDCME FedWatchmajor bank research

Record ID

CRENE-FED-WARSH-INF-002

Record policy

Append only

Freeze cadence

Thursdays

Generated

Aug 13, 2026