The Personal Consumption Expenditures price index rose 3.7% year-over-year in July, beating the 3.6% consensus estimate, while core PCE held steady at 3.3% annually. Three members of the Federal Open Market Committee dissented at the July meeting in favor of a rate hike, currently set between 3.50% and 3.75%. New Fed Chair Kevin Warsh will deliver his first major keynote address at the annual Jackson Hole Economic Policy Symposium on August 28. Markets reacted with restraint to the inflation data: Treasury yields held stable and equities showed limited movement.
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