KPMG Chief Economist Predicts Hot PCE Report After CPI

Diane Swonk said inflation data running hotter than expected for a third consecutive month showed broad price increases across goods and services, including hotels, airfares, furniture and entertainment; used-car prices were a notable exception. She expects the PCE measure to show even hotter underlying services inflation and said a half-point Fed hike could be considered to bolster the central bank's credibility. Swonk speaks with Vonnie Quinn & Jess Menton on "The Close."