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US July PCE Index rose 0.2% month-on-month, higher than expected, sparking market concerns about a potential Federal Reserve rate hike.
Data released by the U.S. Department of Commerce on Wednesday showed that the Personal Consumption Expenditures (PCE) price index rose by 0.2% month-over-month in July, higher than the 0.1% predicted by Wall Street economists. This renewed increase in inflation, significantly above the Federal Reserve's target, could prompt the Federal Reserve to vote on an interest rate hike next month.
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