PCE Price Index Cooled Again In August, Real GDP Estimate 2Q-24 Holds At 3%, But Hospitality Lagged

The Federal Reserve Bank’s favorite measure of inflation, the Personal Consumption Expenditure Price Index, fell to 2.2% year-over-year in August from 2.5% in July, further supporting the possibility of more interest rate cuts from the Fed. The core PCE index rose to 2.7% in August from 2.6% in July, but that increase had been expected….