The PCE report drops to 2.1%. Here’s what that means for interest rates.
The personal consumption expenditures (PCE) price index, the Federal Reserve’s preferred inflation measure, dropped to 2.1% last month on an annual basis, close to the central bank’s goal of a 2% annual rate. That could cement more rate cuts ahead in 2024, according to Wall Street economists. September’s PCE was in line with the median