1/TRANSITORY OR NOT The dollar is on the ropes, having erased its gains for 2020 versus a basket of currencies. The reversal stems from the Federal Reserve’s apparent resolve to keep printing money at the current pace despite signs of an economic and inflation rebound. Fed officials mostly dismiss higher prices as transitory and stemming from base effects. That view will be tested on May 28 by the latest reading of the personal consumption expenditures (PCE) index. The core PCE, excluding food and energy, is the Fed’s preferred inflation measure for its 2% flexible average target. It was up 1….