The PCE (Personal Consumption Expenditures) index came in cooler for January at 2.8% year-over-year, slightly below expectations, while core PCE inflation increased by 3.1% year-over-year, in line with market expectations. The slight YoY decrease comes after a near-2-year high of 2.9% in December, which surprised markets. It's also the 5th year since PCE has been above the 2% target. Core PCE (MoM, QoQ, and YoY) is the Federal Reserve's preferred gauge of inflation, which excludes volatile food and energy and captures longer-term consumer trends. It's worth noting that the PCE data reflects the situation from months ... (full story)