We have a Fed that is by all accounts overtly dovish in its perspective. That number this morning gave them no reason, no reason at all to consider monetary tightening going into the next quarter.
Unless suddenly you got commodity prices spiking to the upside, that PCE is going to remain under pressure and it's not going to get above 2 percent.
They would like to raise rates. Everybody wants to see them raise rates but I think their propensity to do so, especially given this composition of the FOMC and the voting members, their propensity to tighten I think is very, very limited.