© Reuters.
Investing.com – My favorite gauge of inflation has now released data, which should give us an insight into pricing trends for the period ahead.
The data just released indicates that the Fed’s policy is somewhat successful in reducing inflation, as the rates came in below expectations on an annual basis and also lower than the previous reading. While it came in accordance with expectations on a monthly basis and less than the previous reading. This indicates that prices are declining as the Fed wants, yet the rates are still far from the 2% target.
This data supports the decline and rise of gold, as it supports the end of the tightening monetary policy. This explains the dollar’s decline on the one hand, and the consolidation of its gains after the release of the data.
Also read:
Also read:
Personal consumption expenditure data
The annual index recorded 4.1%, while experts expected a rise of 4.2%, while it recorded 4.6% in the previous reading. The Fed aims to drop this number to 2% only.
And the index recorded on a monthly basis 0.2%, which is what experts expected, while the previous reading was at 0.3%.
As for the main index, on an annual basis, it recorded 3%, and it had recorded in the last reading 3.8%. And on the basis of a record of 0.2%, less than expectations that expected a decline of 0.1%.
Gold and the dollar now
It rose by 0.58% at $1,957 an ounce.
While spot contracts for gold rose by 0.6% to 1958 dollars.
While it decreased by 0.3%, to record 101,250 points.
2023-07-28 12:31:00
#Urgent #release #data #Feds #favorite #inflation #indicator.. #market #movement #Investing.com
