thanks, george pearkes. you're going to be staying with us because we're going to be coming right back with some more must-see charts on inflation and other stuff. this is bloomberg. ♪ scarlet: i'm scarlet fu. we're with george pearkes. you can use the chart at the function of your screen. the fed's preferred measure of inflation, you say don't just focus on the year-over-year data points. you could miss some turns there. you are looking at more high frequency data. what does it tell us? george: we talked about bank loan growth and how year over year it's decelerating. we're doing a similar concept here. so all we're showing is core p.c.e. and showing at annual rate of changes, three months, six years and one year. what you want to look at that turquoise line. the three-month analyze pace of core p.c.e. growth is very low. it's about as low as it's been, what, since the beginning of 20 15. that is not what you want to see if you expect year over year to accelerate. if we keep printing the year over year tren