US PCE inflation rose less than expected in August as consumer spending jumped 0.9%

Reuters reports in The Economic Times that the US PCE price index rose 0.3% in August, while consumer spending jumped 0.9%. Annual PCE inflation was 2.6%, and core PCE inflation, which excludes food and energy, was 3.0%. The softer inflation reading could lead markets to further lower the odds of another Federal Reserve rate hike.