The Fed’s preferred gauge of underlying inflation came in as expected Friday, affirming 2024 rate-cut hopes.
by Yuheng Zhan
Business Insider
The price of gold rallied to another record high on Monday, following fresh inflation data from Friday that boosted rate-cut hopes.
The yellow metal climbed as much as 1.6% to a new high of $2,265.73 an ounce.
The year-over-year index of personal consumption expenditures rose 2.5% in February, in line with economist expectations. Core PCE, which excludes food and energy prices, rose 2.8% for the month, also in line with estimates. The results have fueled anticipation that the central bank’s first rate cut will come in June.