An inflation measure closely watched by the Federal Reserve eased slightly in June, even as high prices continued to weigh on millions of Americans.
The personal consumption expenditures (PCE) index showed that consumer prices rose 0.1% from the previous month, according to the Labor Department. On an annual basis, prices climbed 2.5% – down slightly from the 2.6% reading recorded the previous month.
The figures were both in line with estimates from economists surveyed by LSEG.
"Overall, it’s been a good week for the Fed," said Chris Larkin, managing director of trading and investing at E*Trade. "The economy appears to be on solid ground, and PCE inflation essentially remained steady. But a rate cut next week remains a longshot."
