Seven Signatures, One Fed Model, and 0.13 Points of Inflation

Seven hyperscalers just signed a ratepayer pledge with no enforcement mechanism, no penalties, and no timeline, while the Federal Reserve Bank of Dallas quietly published what they couldn't: U.S. datacenter demand will double to 80 GW by 2031, pushing PCE inflation up 0.13 points by 2030, nearly doubling if generation can't keep pace. The pledge won't move PUCT rulemaking, but that inflation number will.