The Federal Reserve’s preferred measure of inflation fell to its lowest level in more than two-and-a-half years, taking more pressure off the central bank to make another quarter-point rate hike before the year is out. The personal consumption expenditures (PCE) price index held steady on the month and fell to a 3 percent annual increase in October, down from 3.4 percent increases in the previous three months. That’s the lowest number since March 2021. Personal incomes rose 0.2 percent on the month, down from 0.4 percent in September and 0.5 in October. Markets, which have already started to price in rate cuts for ... (full story)