Inflation Still Too High but Cooled More than Expected
Dow Jones
Yesterday
1115 ET - The Bureau of Economic Analysis's annual benchmark revisions lowered the Fed's preferred inflation measure more than anticipated, even if inflation is still well above the Fed's 2% target, BMO analysts say in a research note. August's core-PCE gain was softer than expected and slowed to 3% year-over-year, below the 3.3% consensus and the Fed's own estimates of 3.2%, the analysts say. At the same time, the economy is still expanding and private hiring remains steady, they say. That, plus the downward revision in inflation, removes some of the immediate urgency for another rate hike in October, the analysts say.
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