The U.S. Bureau of Economic Analysis announced the U.S. Federal Reserve’s (Fed) preferred inflation gauge PCE data for January. The PCE in the US went up 0.3% month-over-month in January, the most in four months, following a 0.2% rise in December. Also, the monthly core PCE index, which excludes food and energy, rise to 0.4%, the biggest increase since February last year.
On the other hand, the annual PCE rate fell to 2.4%, the lowest since February 2021, from 2.6% in the previous month. Also, the annual core PCE inflation slowed for 12th straight month to 2.8% from 2.9%.
Wall Street giants including JPMorgan, Bank of America, UBS, Morgan Stanley, Citigroup, Deutsche Bank, Nomura, RBC, Barclays, Goldman Sachs, TD Securities, and Wells Fargo anticipated inflation to cool further.
Amid Wall Street estimates mostly in line with market consensus, Fed Chair Jerome Powell’s expecting three rate cuts in 2024 and Fed officials remaining cautious after CPI, expects predicted rate cuts ar
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