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The Federal Reserve’s preferred inflation measure continued its moderation in July, helping ratify market expectations for a quarter-point rate cut at the central bank’s September meeting, without bolstering the case for a bigger move. Data released by the Bureau of Economic Analysis this morning showed the core personal consumption expenditures index rising 0.2 percent from the prior month, aligning with market forecasts for a maintenance of June’s pace. On a year over year basis, core price growth fell to 2.6 percent, slightly below economist estimates. The overall personal consumption expenditures index also rose 0.2 percent relative to the prior month,...