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BREAKING: PCE Price Index came in at 2.8%
Expectations: 2.9%
It came lower than expected which shows inflation is cooling.
Still above the Fed’s target, and while the labor market is softening it remains strong. Oil is now more than $25 higher than during the period measured in this report.
If oil stays around $100 for three months, our econometric models suggest U.S. CPI will move back above 3%.
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