PCE figures for January are in line with economists’ expectations
US inflation eased to 2.4 per cent in the year to January, according to the metric that the Federal Reserve uses for its inflation target, supporting expectations of rate cuts later this year. Thursday’s data on personal consumption expenditures, the US central bank’s benchmark gauge of price pressures, matched economists’ expectations for 2.4 per cent in a Bloomberg survey. The fall from December’s rate of 2.
Traders in the market are still pricing in between three and four interest rate cuts this year. The headline PCE figure, the metric for the Fed’s 2 per cent target, was the lowest for almost three years. It compared with a peak of 7.1 per cent in June 2022 after Russia began its full-scale invasion of Ukraine. The “supercore” rate, which strips out changes in housing prices, rose 0.6 per cent.
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