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year-over-year inflation being reported in the very high 2's, and recent (rolling 3 month inflation) above that and climbing, at the time of the rate cuts.

That's because of concerns about the weakening job market and economy. So while the Fed may trumpet a 2% goal, they've actually shown a lot of flexibility (or cave-in). Whatever, they are showing by their actions that they aren't 2% absolutists.

Rate cuts in 2025: 9/17, 10/29, 12/10

As for the PCE index, it's a greed-banger's wet dream. It fully includes substitution effects; for example if consumers switch from beef to less costly alternatives like turkey necks, it will reduce the PCE meat index or even cause it to decline. A 2% PCE target is easier to meet than for the CPI. But again no matter, they aren't acting like 2% is their real goal at this time.

The purchasing power of my bonds and annuity suffer heavily with inflation.