Core Data Decelerates for the First Time Since April; What Today’s Release Means for the Fed’s Interest Rates

Core YoY: 2.8% increase, in line with projections, and the first time the index decelerated in months

Core MoM: 0.2% increase, in line with projections

Headline YoY: 2.8% increase, in line with projections

Headline MoM: 0.3% increase, slightly above the 0.2% projection

Market reaction: S&P 500 headed to a record after the PCE report and positive consumer sentiment data

Interest rates: Odds of the Fed cutting in December held steady at nearly 90%