Personal Consumption Expenditures (March 2024)
Progress toward the Fed’s 2% inflation target continues to stall, as the Fed’s favored measure, annual Core PCE, remained at 2.8% for the 12 months ending in March. While this was below 2022’s 5.6% peak, inflationary pressures remain stubborn. All eyes will be on the Fed’s May 1 meeting for clues regarding how this might impact their timing for cutting rates this year.
