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.
HOLDING FIRM Federal Reserve (Fed) Board Chairman Jerome Powell speaks at a news conference
at the Fed Board Building on July 31, 2024 in Washington, D.C. The Fed is well on its way to cut interest rates after its preferred inflation gauge held firm in July, according to government data on Aug. 30, 2024. AP PHOTO