The United States has quietly changed how it measures PCE inflation, revising historical data back to 2021. KEY HIGHLIGHTS: The new methodology separates asset growth from price inflation for portfolio management, computer software, and legal services. The change is estimated to reduce core PCE inflation by up to 20 basis points. July's headline and core PCE figures were revised down by 30 basis points. THE TAKEAWAY: Seeking Alpha cautions that this drop is a statistical recalibration, not real economic cooling. What do you think of this change in methodology? ▻