US Personal Consumption Expenditure (PCE) Index Rises 2.3% YoY
The core US Personal Consumption Expenditure (PCE) index has increased by 2.3% year-on-year, signaling positive economic growth in the country. This growth surpasses estimates for Q3, with the US economy expanding by 5.2%, the highest level since Q4 2021.
Bullish News for the Stock Market
This news is particularly bullish for the stock market as it alleviates immediate concerns about a US recession. The PCE index is an important indicator used by the US Federal Reserve to track changes in consumer spending patterns and inform monetary policy decisions.
Unlikely Rate Hike at Next Central Bank Meeting
Experts predict that the central bank is unlikely to raise interest rates at its next meeting, taking into account factors such as changes in the consumer price index and the strength of the US job market.
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