EUR

The Federal Reserve’s preferred inflation measure landed in line with expectations in January, but left markets mostly unmoved, given that it predated the Iran conflict and was stale on arrival. Data released by the Bureau of Economic Analysis this morning showed the core personal consumption expenditures index rising 0.4 percent from the prior month, accelerating slightly to 3.1 percent on a year-over-year basis, matching economist estimates. The overall personal consumption expenditures index climbed 0.3 percent relative to the prior month, and was up 2.8 percent from a year ago, down slightly from December’s 2.9 percent pace. Personal income rose 0.4...

Inflation slowed in the United States last month—before the war in Iran sent oil prices spiralling higher and triggered a sharp reappraisal of the Federal Reserve’s expected policy path. According to data published by the Bureau of Labor Statistics this morning, the core consumer price index—with highly-volatile food and energy prices excluded—rose 0.2 percent in February from the prior month, decelerating slightly from January’s 0.2-percent increase, and rising 2.46 percent over the same period last year—marking a five-year low. This was in line with consensus estimates among economists polled by the major data providers ahead of the release. On a...