New US Inflation Data 'Along the Lines' of What Fed Wants, Powell Says
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The latest U.S. inflation data are "along the lines of what we would like to see," Federal Reserve Chair Jerome Powell said. The personal consumption expenditures (PCE) price index data for February were released and showed less of a slowdown than last year. Powell stated that the data were "not as low as most of the good readings we got in the second half of last year, but it's definitely more along the lines of what we want to see." The PCE price index increased at a 2.5% annual rate in February, up from 2.4% in the prior month. The number excluding volatile food and energy prices rose 0.3% on a month-to-month basis. Powell indicated that the latest PCE report did not undermine the central bank's baseline outlook but said with the economy on a "strong" footing, "that means we don't need to be in a hurry to cut."

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