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Expand chart
Data: Bureau of Labor Statistics, reproduced from Deutsche Bank; Chart: Axios Visuals

For the past 25 years, the U.S. has seen zero inflation in goods and 3% to 4% inflation in services.

Details: Goods are things you buy in stores and services are housing, health care and education, Deutsche Bank Securities chief economist Torsten Slok notes. The weight to goods in the CPI index is 1/3 and the weight to services is 2/3.

What's happening: Slok said in a recent note to clients...

"[There's] more openness to foreign trade holding down goods inflation, higher productivity growth in manufacturing than in services holding down inflation on goods, and higher growth in demand for services as per capita income rises and the population ages. "Looking ahead, for higher inflation to become a problem, we either need to see goods inflation move higher, for example because of a significant dollar depreciation, or we need to see even higher inflation in the costs of housing, healthcare and education."

Go deeper: The great bond selloff signals concerns about inflation

Go deeper

Felix Salmon, author of Capital
2 hours ago - Technology

Facebook's scandals have been great for shareholders

Expand chart
Data: YCharts; Chart: Axios

Facebook has been embroiled in scandal for the past five years, and while the specific allegations change over time, a central theme is constant. Given the choice between commercial and moral imperatives, Facebook always seems to choose the option that is best for the share price.

Why it matters: Facebook's stock chart supports that narrative. Since the 2016 scandals alleging that the social network was infiltrated by foreign actors trying to influence the outcome of democratic elections, Facebook's revenues — and its stock — have been soaring.

Biden to tap telecom trio for NTIA, FCC posts

Jessica Rosenworcel. Photo: Bill Clark/CQ Roll Call

President Joe Biden on Tuesday is expected to name Alan Davidson as head of the telecom arm of the Commerce Department, Jessica Rosenworcel as chairwoman of the Federal Communications Commission and Gigi Sohn as a commissioner at the FCC, according to a person familiar with the process.

Why it matters: Internet availability and affordability has been a key policy priority for the White House, but the administration lagged in tapping people for the agency posts that oversee the issues.

3 hours ago - Technology

Facebook seeks fountain of youth

Data: Piper Sandler Taking Stock With Teens Study; Chart: Axios Visuals

Facebook CEO Mark Zuckerberg on Monday said that the company is pivoting its strategy to focus on young adults, following reports that teens have fled its apps.

Why it matters: A series of stories based on leaked whistleblower documents suggest the company sees the aging of its user base as an existential threat to its business.