Cooler Inflation Supporting Case for Fed Rate Cuts

Published on January 26, 2024

The Federal Reserve’s preferred inflation gauge edged higher in December, but economists argue that the broader trends keep the door open for early cuts to interest rates. Last month, the annual Personal Consumption Expenditure (PCE) price index was unchanged at 2.6 percent, but it rose 0.2 percent monthly, according to the Bureau of Economic Analysis (BEA). Core PCE, which strips out the volatile energy and food components, eased to 2.9 percent from a year ago and increased by 0.2 percent from November to December. Monetary authorities apply more weight to the PCE than the Consumer Price Index (CPI) because the former maintains a wider range of goods and services and regularly modifies weightings to reflect adjustments in consumer spending trends....

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