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  The New York Innovation Center bridges the worlds of finance, technology, and innovation and generates insights into high-value central bank-related opportunities.
  
  The growing role of nonbank financial institutions, or NBFIs, in U.S. financial markets is a transformational trend with implications for monetary policy and financial stability.
  
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Underlying Inflation Gauge (Discontinued)

This research product was launched in September 2017 and discontinued in October 2023.

The Underlying Inflation Gauge (UIG) provided estimates of the trend, or persistent, component of inflation dating back to 1995. It included a “prices-only” measure, where the data series used included only the subcomponents of the consumer price index (CPI), and a “full data set” measure, where the series included the CPI subcomponents as well as a range of macroeconomic and financial variables. The design of the UIG was first detailed in a 2014 Staff Report. The product, updated monthly, was launched in 2017 as a PDF that included a chart and brief commentary, as well as a downloadable data file. It was relaunched as an interactive feature in 2021.

For more information on the UIG and the calculation of the two measures, see this Liberty Street Economics post.

DOWNLOAD: PRODUCT SCREENSHOTS | PRODUCT DATA

For an alternative measure of inflation persistence, please see Multivariate Core Trend Inflation. To see other current research products, visit the Economic Research homepage.

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