Fed's Preferred Inflation Gauge Shows Slight Easing in October
TL;DR Summary
Inflation in the US continued to cool in October, with the Personal Consumption Expenditures (PCE) Index growing 3% year over year, down from 3.4% in September. The "core" PCE, which excludes food and energy categories, grew 3.5%, in line with expectations. The lower inflation figures have led to increased speculation that the Federal Reserve may cut interest rates sooner than expected. Markets are now pricing in a 78% chance of an interest rate cut by the end of the Fed's May meeting.
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