US inflation data to be released on Friday will put to the test Federal Reserve chair Jay Powell’s recent assertion that the labour market, rather than rising consumer prices, presents the more immediate risk to rate-setters.
Year-on-year inflation — measured by the Fed’s preferred metric of personal consumption expenditures — is expected to have risen to 2.7 per cent in August from 2.6 per cent in July, according to economists polled by Reuters.
So-called core PCE, which is especially closely monitored by the central bank as it strips out volatile food and energy prices, is expected to remain steady at 2.9 per cent.
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