About this work
Statistical revisions could change the apparent path of US inflation, growth and productivity. A change in measuring financial services could lower core PCE inflation, while broader revisions expose difficulties in tracking a technology-intensive service economy. These measurement choices could influence Federal Reserve judgments about sustainable growth and interest rates, with consequences for Treasury yields, the dollar and emerging-market financing.
Cite this work
Marcello Estevão, Jonathan Fortun (2026). IIF Global Macro Views: The Data Reset Behind the Warsh Fed. Institute of International Finance.