June PCE +3.7% y/y: What the Fed's Favorite Inflation Gauge Means Now
June's Personal Consumption Expenditures price index, the Federal Reserve's preferred measure of inflation, delivered a clean result on Thursday morning: headline PCE fell 0.1% month over month and rose 3.7% from a year earlier, landing exactly on the Wall Street consensus recorded before the release. The more meaningful surprise sat in the core reading. Excluding food and energy, the PCE price index rose just 0.1% in June, a tick below the 0.2% monthly gain economists expected, per MarketWatch/Dow Jones Newswires consensus compiled July 26. Key Takeaways Headline PCE fell 0.1% in June (month over month), the first monthly decline in several months, matching consensus; year over year it rose…
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