The Personal Consumption Expenditures (PCE) price index rose by 0.1% in August, following an unrevised 0.2% increase in July, according to the Commerce Department's report on Friday. This matched economists' expectations of a 0.1% rise in PCE inflation. Over the 12 months through August, the PCE price index climbed 2.2%, down from July's 2.5% increase.
Excluding the more volatile components of food and energy, the core PCE price index also rose by 0.1%, maintaining July’s 0.2% increase. Over the past 12 months, core inflation rose 2.7%, slightly higher than July’s 2.6%. The Federal Reserve monitors these PCE price measures in relation to its 2% inflation target.
In the markets, U.S. stock futures edged up 0.16%, signaling a steady opening on Wall Street. Meanwhile, the yield on the U.S. 10-year Treasury note dipped to 3.762%, and the two-year yield fell to 3.584%. In the foreign exchange markets, the U.S. Dollar Index declined by 0.4%.
Quincy Krosby, Chief Gl ...
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