PCE inflation rises to 2.3% annual growth in October, 'core' climbs 2.8%
Investing.com -- An inflation metric closely monitored by the Federal Reserve climbed higher in the year to October, potentially offering a reason for the central bank to pause its rate-cutting cycle next month.accelerated to a 2.3% annual increase during the month, from a reading of 2.1% in September. The figure was in line with economists' estimates.
The central bank had started cutting interest rates in September, with an outsized reduction of 50 basis points, the first reduction in borrowing costs since 2020."The 0.3% month-on-month reading may still be a little too high for the Fed's liking," said analysts at ING, in a note,"although such a number is fully discounted today.
The economy grew at a 3.0% pace in the April-June quarter, and is expanding at a pace that is well above what Federal Reserve officials regard as the non-inflationary growth rate of around 1.8%.Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors.
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