US Fed's inflation gauge steady

WASHINGTON, D.C. — The US Federal Reserve's (Fed) favored measure of inflation held steady in July according to government data on Friday, sustaining expectations that the central bank is on its way to interest rate cuts starting next month.

The personal consumption expenditures (PCE) price index edged up on a monthly basis from 0.1 percent in June to 0.2 percent last month, in line with analysts' expectations.