Based on Benzinga, the Federal Reserve's key inflation measure, the Personal Consumption Expenditures (PCE) price index, rose by 2.4% year-over-year in November 2024, slightly below economist forecasts of 2.5%. This unexpected result provided relief to markets after the Fed's recent warnings of increasing price pressures. The core PCE, excluding food and energy, remained steady at 2.8% year-over-year, also below expectations. Personal income and spending figures for November showed slower growth than anticipated, indicating resilient consumer activity. The softer PCE reading comes amid heightened market volatility following the Fed's meeting, where it signaled a slower pace of rate cuts and raised inflation projections for 2025 and beyond. Fed Chair Jerome Powell emphasized caution in monetary policy as interest rates near the neutral level.
Fed's Inflation Gauge Falls Short of Expectations, Easing Market Concerns
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