June personal consumption expenditures (PCE) price index edged down — a modestly
positive signal for the Fed but still well above the Fed's 2% target. Fed Chair
Kevin Warsh said at a Wednesday press conference he will watch a broader set of
inflation indicators beyond PCE. Despite an oil-price shock, US consumer
spending remained resilient: Commerce Department data show consumer spending
rose 3.2% in Q2, up from 0.5% in Q1.
