Inflation progress in October but painfully slow.
PCE–personal consumption expenditure–in inflation, the Federal Reserve’s preferred inflation index, rose at a 6% rate year over year rate through October. That was down from a 6.3% rate in September. The core PCE index, which strips out food and energy costs, rose at a 5% rate, roughly where it’s been for most of 2022.
The October rates were in line with expectations from economists surveyed by Bloomberg.
The PCE inflation index lags behind the Consumer Price Index, so this measure is relatively dated.
Next big data point for the Federal Reserve and the financial markets comes tomorrow with the November jobs report.
