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US PCE Continues to Exceed Target, Fed Faces Challenges Ahead of September Rate Cut
BlockBeats News, August 29th, Market analyst Matt Grossman stated that the inflation gauge favored by the Federal Reserve failed to approach the 2% target level in July, highlighting the policy challenge the Fed faces as it prepares for a possible rate cut in September. Data from the US Commerce Department's Bureau of Economic Analysis showed that the US PCE Price Index rose 2.6% year-on-year in July, unchanged from the previous month.
The core PCE Price Index rose 2.9% year-on-year in July, higher than June's 2.8%. This reading was widely expected as economists could use other official data released earlier this month to predict PCE inflation very accurately. While some price increases driven by tariffs continue to exceed the target level, Fed Chairman Powell previously hinted that considering the cooling labor market, the Fed is considering the first rate cut of the year in September. (FXStreet)
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