Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
The Dallas Fed's trimmed mean PCE 12-month inflation rate moved higher to 4.40% over the 12 months to July from 4.35% in June, the fastest gain since 1983, underlining why Chair Jerome Powell is resolute about keeping high interest rates until price gains move back to target.
The one-month annualized rate halved in July to 3.39% from 6.92% the prior month and the six-month annualized inflation rate also eased, falling to 4.3% from 4.8% in June. Officials have cited the Dallas Fed's trimmed mean measure as one of the best indicators of underlying inflation.
The Cleveland Fed's median PCE inflation rate released earlier Friday also showed a step down in the month-over-month figures, increasing 0.3% in July, down from 0.7% in June and 0.6% in May and the lowest since March. The Cleveland Fed's year-over-year figure was roughly flat at the highest pace since 1982 at 5.2%. Official Bureau of Economic Analysis data from the Commerce Department earlier Friday showed PCE inflation easing slightly, with headline inflation rising 6.3% over the year, while core was 4.6%.
Source: Dallas Fed
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.