The core US Personal Consumption Expenditure (PCE) index rose 2.3% year-on-year. The US economy grew 5.2% in Q3, beating estimates of 5%, and is the highest level of growth since Q4 2021.
The news is bullish for the stock market, since it allays immediate fears of a US recession.
The PCE is the US Federal Reserve’s preferred inflation gauge, as it tracks changes in consumer spending habits. Other measures, like changes in the consumer price index and the strength of the US jobs market play into its monetary policy.
Experts predict the central bank is unlikely to raise rates at its next meeting.
This is a developing story.
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