HomeFinancial MarketsPCE Edges Higher in July, Prompting Federal Reserve Action

PCE Edges Higher in July, Prompting Federal Reserve Action

July’s Personal Consumption Index (PCE) increased by 4.2% over the prior year on a “core” basis, falling in line with economists’ expectations and rising 4.1% from June. On a headline basis, which includes all categories, PCE inflation rose by 3.3% year over year compared to a 3% increase in June.

Core PCE data is the Federal Reserve’s preferred inflation gauge, with the central bank looking to bring inflation down to its 2% target. “Despite the apparent strength of real demand, inflationary pressures continued to ease,” Paul Ashworth, an economist at Capital Economics, commented in a note to investors.

Fed Chair Jerome Powell said during his address at the Jackson Hole Economic Symposium that the Federal Reserve would likely need to keep interest rates higher for longer in an effort to cool inflation lower. “It is the Fed’s job to bring inflation down to our 2% goal, and we will do so,” Powell affirmed.

WEBTOON Entertainment Announces $315 Million IPO Offering in the U.S.

WEBTOON Entertainment, a worldwide platform that hosts comics and cartoons, is gearing up for an Initial Public Offering (IPO) in the United States. According...

Dollar Remains Strong, Euro Weakens on Political Uncertainty

The dollar continued to hold its footing this weak, holding a strong position compared to other currencies. This is especially the case with the...

Goldman Sachs Lifts Prediction for S&P 500 in 2024 to 5,600

Investment bank Goldman Sachs is raising its expectations for the S&P 500 index in 2024. According to a note sent to their clients last...