The Fed’s preferred inflation gauge has moved below 3% for the first time since March 2021, before the start of the central bank’s rate-hiking campaign.
The Personal Consumption Expenditures (PCE) index grew 2.6% year-over-year in December, in line with last month’s print. “Core” PCE, which excludes the volatile food and energy categories, grew 2.9%, down from 3.2% from the month prior and below the 3.0% economists surveyed by Bloomberg had expected.
Core PCE is the inflation measure…
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