The Fed’s preferred inflation gauge had its slowest annual increase in more than three years, likely getting policy makers closer to the conviction needed to...
is likely to keep the door open for the central bank to signal a September rate cut at its policy meeting next week.
Friday's reading of the so-called "core" Personal Consumption Expenditures Index — which excludes volatile food and energy prices — showed inflation rose 2.6% over the prior year in June.While that was above economists’ estimate, it was unchanged from the month prior and marked the slowest annual increase for core PCE in more than three years.
"This is an almost perfect outcome," said Scott Helfstein, head of investment strategy for Global X ETFs. Fed officials are currently in a blackout period ahead of next week’s policy meeting so it is not yet known how they might interpret today’s numbers.He told US lawmakers earlier in the month that inflation numbers "have shown some modest further progress" and that "more good data would strengthen our confidence that inflation is moving sustainably toward 2%.
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