Kansas City Federal Reserve President Esther George, in a wide-ranging exclusive interview, argued that tapering should happen ‘sooner rather than later’ and predicted ‘high growth’ for the U.S. economy this year.
The core personal consumption expenditures price index, the Federal Reserve’s preferred inflation measure, accelerated last month by the most on an annual basis in 30 years.
Core PCE, which excludes food and energy, rose 3.6% year over year in July, according to the Bureau of Economic Analysis, the most since 1991. Last month’s reading was revised up to 3.6% growth from 3.5%.
Prices rose 0.3% on a monthly basis as the pace of gains declined for a second straight month. Prices increased 0.5% in June and 0.6% in May.
AT FED’S JACKSON HOLE MEETING, POWELL UNLIKELY TO PROVIDE TAPERING ROADMAP FOR INVESTORS
Both readings were in line with economists surveyed by Refinitiv who were anticipating prices would rise 3.6%…