PCE data shows another drop in the Fed’s preferred inflation gauge

The Federal Reserve’s preferred measure of inflation rose 4.4% annually in December, down from 4.7% in November, the latest sign that the era of red-hot rates is coming to an end and that the Fed may soon shift to a less aggressive monetary policy stance.

The core personal consumption expenditures (PCE) price index, also known as the core PCE deflator, rose 4.4% year-on-year in December from 4.7% in November, in line with the expectations of economists surveyed by FactSet.

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