US Inflation Moderates, Canadian Economy Grows More Than Expected
The Federal Reserve’s preferred inflation measure missed expectations in February, weakening the case for another hike at the central bank’s May meeting. Data released by the Bureau of Economic Analysis this morning showed the core personal consumption expenditures index – targeted by the Fed – rising 0.3 percent in February from the prior month, up 4.6 percent year-over-year – coming in slightly below consensus estimates. The overall personal consumption expenditures index was up 5 percent from a year ago. Personal income rose 0.3 percent month-over-month, decelerating from January’s Social Security-boosted 0.6-percent gain. Incomes were 6.2 percent higher relative to the same month...