The Federal Reserve's preferred inflation indicator is as expected! The market breathes a sigh of relief
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The year-on-year core PCE price index in the United States for January is 2.6%, in line with expectations, marking a new low since June 2024. Both the overall PCE year-on-year and month-on-month rates are within market expectations. Personal spending month-on-month recorded -0.2%, the largest decline since February 2021, ending the growth trend. After the PCE data was released, the market reacted calmly, with little fluctuation in spot gold and the US dollar index. Federal Reserve officials stated that meaningful relief in inflation needs to be observed, and the decline in spending may raise concerns about economic resilience
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