The US Department of Commerce revealed that the Federal Reserve preferred inflation measure, the PCE, rose by 0.3% MoM in August, above estimates of 0.1%, while the annual reading decelerated from 6.3% to 6.2%. In the meantime, the so-called Core PCE, which strips volatile items like food and energy, exceeded estimates at 0.6% MoM, while the YoY rose by 4.9%, also above forecasts.
In the meantime, Richmond’s Fed President Thomas Barkin said that he’s “comfortable” with the pace of rates, adding that it’s uncertain how much the Fed will have to do to lower demand to reach its inflation target.
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