The flat reading in the personal consumption expenditures price index last month followed an unrevised 0.3% gain in April, the Commerce Department's Bureau of Economic Analysis said today.Economists polled by Reuters had forecast the PCE price index unchanged on the month and rising 2.6% year-on-year.
Excluding the volatile food and energy components, the PCE price index edged up 0.1% last month. That followed an upwardly revised 0.3% rise in April. The so-called core PCE price index was previously reported to have gained 0.2% in April. The Fed has maintained its benchmark overnight interest rate in the current 5.25%-5.5% range since last July. Though policymakers recently adopted a more hawkish outlook, financial markets expect the Fed to start its easing cycle in September.
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Source: IrishTimes - 🏆 3. / 98 Read more »