Minutes Suggest 75 bps Hike off the Table, PCE Shows Some Relief of Inflationary Pressure

What will happen to household finances, consumer spending, and hiring as Federal Reserve Chair Jerome Powell raise interest rates to slow the economy and bring down inflation? That’s the fundamental question.

What we know is this: The core personal consumption expenditures price index, the Fed’s preferred inflation gauge, rose 4.9% from a year ago in April, in line with estimates and a deceleration from March. This indicates that price pressures could be easing a bit, news that helped th...

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