[Fed Mouthpiece: Core CPI Is More Important to the Fed] Jin10 News, July 14 – 'Fed mouthpiece' Nick Timiraos: Economists expect that last month's decline in energy prices will drag down June's overall CPI. However, for the Federal Reserve, the core indicators are currently more critical. Core CPI is expected to be close to May's 0.21% (monthly rate); afterward, the market's focus will shift to PPI and the implications of PPI trends for PCE.