TIMIRAOS: September core PCE services excluding housing rose 0.37% MoM, lifting the 12‑month YoY rate to 3.6%, the highest reading so far in 2024. Core goods rose 0.20% MoM and are now about 2% YoY after earlier 2024 declines. He warned that if core goods continue to rise at this pace, services inflation will need to slow more sharply for the Fed to hit its 2% inflation target.

2026-10-29

TIMIRAOS: September core PCE services excluding housing rose 0.37% MoM, lifting the 12‑month YoY rate to 3.6%, the highest reading so far in 2024. Core goods rose 0.20% MoM and are now about 2% YoY after earlier 2024 declines. He warned that if core goods continue to rise at this pace, services inflation will need to slow more sharply for the Fed to hit its 2% inflation target.