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The odds of a bigger cut rose slightly to 54% following the release of the PCE data. The consensus among Fed officials outlined last week is for two more 25 basis point rate cuts in 2024.
On a month-over-month basis, "core" PCE rose 0.2%, faster than the 0.1% seen in November. The annual and monthly figures were in line with Wall Street expectations.
The Personal Consumption Expenditures price index rose 2.6% in December from the year before, heating up from November’s 2.4% increase, according to new Commerce Department data released Friday.
The PCE price index (PePP), also referred to as the PCE deflator, PCE price deflator, or the Implicit Price Deflator for Personal Consumption Expenditures (IPD for PCE) by the Bureau of Economic Analysis (BEA) and as the Chain-type Price Index for Personal Consumption Expenditures (CTPIPCE) by the Federal Open Market Committee (FOMC), is a United States-wide indicator of the average increase ...
Over the prior year, core prices rose 2.8%, in line with Wall Street's expectations and unchanged from November. On a yearly basis, overall PCE increased 2.6%, a pickup from the 2.4% seen in November.
The Commission concluded that more than half of the overestimation was due to slow adjustments in the index to new products or changes in product quality. At that time, the weights for indices like CPI-U and CPI-W were updated only once per decade; today, they are updated in January of even-numbered years.
It measures average changes in prices received by domestic producers for their output. The PPI was known as the Wholesale Price Index, or WPI, up to 1978. It is published by the Bureau of Labor Statistics and is one of the oldest economic time series compiled by the Federal government of the United States. [2]
Egg and energy prices pushed inflation to spike 0.5% in January 2025, meaning hopes of cuts in the first half of 2025 might prove short-lived. Already, regional Fed presidents have expressed their ...