The U.S. Personal Consumption Expenditures price index rose 3.4% year over year in August, below the 3.7% consensus forecast by Dow Jones. Core PCE, excluding food and energy, increased by 3%, also below expectations. These figures reduced the odds of another Federal Reserve rate hike in October from about 50% to 35%, according to the CME Group’s FedWatch tool. However, the inflation relief was tempered by stronger-than-expected employment data, with private payrolls rising by 90,000 in September versus the 68,000 forecast. Analysts remain divided: while some believe the Fed can wait, others point out that the inflation fight is not over and Friday’s jobs report could influence monetary policy expectations.
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