Today's PCE report won't change the backdrop for the Fed: Wall Street
The Personal Consumption Expenditures price index, a key inflation gauge that the Federal Reserve closely monitors, showed only a modest increase in June.
Despite this increase, the year-on-year core PCE reading remained unchanged at 2.6%, bolstered by upward revisions to May's core PCE figures, which were adjusted from an initial 0.08% to 0.13%."Today's report on June personal income and spending is the last major indicator before next week's Fed meeting and while there is plenty to unpack, there is nothing that compels a rate cut at the July meeting or that prevents one in September.
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