The New York Fed's "multivariate core trend" rate of inflation is their attempt to capture the underlying trend of prices and it fell to 2.9% y/y in June from a downwardly revised 3.2% in May. It's now at the lowest two-and-a-half years.
Persistence in both housing and services ex-housing inflation was dominated by the sector-specific component of the trend, the NY Fed said.
It's certainly a bull market in obscure inflation metrics.