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Harris Rules Out Fracking Ban, Threading Needle on Oil
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A 'Goldilocks' PCE reading keeps Fed on track for September cut
US consumers' near-term inflation expectation lowest since 2020, UMich data shows
The University of Michigan's monthly consumer sentiment index survey showed households' one-year inflation expectation at 2.8%, down from 2.9% in July and now the lowest since December 2020. The five-year outlook for price growth was unchanged at 3.0%. The wider survey showed a modest improvement in consumer sentiment this month, with the uptick having significant political overtones as the Nov. 5 U.S. presidential election approaches.
Fed Favored Inflation Gauge’s Mild Gain Sets Stage for Rate Cut
(Bloomberg) -- Sign up for the Economics Daily newsletter to discover what's driving the global economy.Most Read from BloombergDense Cities With Low Emissions Suffer Most From Air Pollution, Study FindsIntergenerational Housing Could Help Older Adults Combat LonelinessA Guide to Urban Swimming in Europe, Beyond the SeineTurkey Plans Istanbul Taxi Surge to Tackle ComplaintsAs Rural Hospitals Shutter Maternity Wards, Urban Ones FollowThe Federal Reserve’s preferred measure of underlying US inflat
Instant view: No surprises from US PCE inflation to alter Fed easing path
The data looks unlikely to divert the Federal reserve, which tracks the PCE price measures as an inflation gauge for monetary policy, from lowering interest rates at least 25 basis points in September. In the 12 months through July, the PCE price index increased 2.5%, matching June's gain and beating the 2.6% gain expected by economists polled by Reuters. Excluding the volatile food and energy components, the PCE price index rose 0.2% last month, matching the increase in June.