The Bureau of Economic Analysis released July’s Personal Consumption Expenditures (PCE) Price Index, the Federal Reserve’s preferred inflation gauge, on Aug. 26. It was a case of the good, the bad, and the ugly. The report likely clouded the Fed policy outlook as goods prices declined, services inflation accelerated, and the headline data were much worse than core (excluding food and energy).
With a few weeks until the central bank convenes its two-day meeting, the Fed is in a bind.
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