US personal consumption expenditures price index, the Fed's preferred inflation gauge, showed headline PCE y/y 3.7%, unchanged from June; core PCE y/y 3.3%, also unchanged. The PCE series uses previously released price data and typically tracks market expectations. July core CPI was softer at 2.5%, but PCE weights leave the PCE series notably firmer. The print sharpens the inflation picture ahead of Fed Chair Kevin Warsh's speech on Friday. Warsh has not submitted his own economic projections to

US personal consumption expenditures price index, the Fed's preferred inflation gauge, showed headline PCE y/y 3.7%, unchanged from June; core PCE y/y 3.3%, also unchanged. The PCE series uses previously released price data and typically tracks market expectations. July core CPI was softer at 2.5%, but PCE weights leave the PCE series notably firmer. The print sharpens the inflation picture ahead of Fed Chair Kevin Warsh's speech on Friday. Warsh has not submitted his own economic projections to the quarterly dot plot and has not indicated whether he would support rate hikes at upcoming meetings, a stance that has contributed to divisions among Fed officials.