Inflation is still 2.5x the target rate. Although it stopped increasing more.
There is a lot of work to do to get back to 3% inflation.
Core CPI was up 0.2% MoM. That’s just over 2% annualized.
I think the Fed wants to taper the rate increases to reduce volatility in the market. If they announced a halt to rate increases then there would be a massive upswing in the market and inflation could potentially increase again.