The Commerce Department reported that the Fed's preferred inflation gauge, the personal consumption expenditures (PCE) price index, showed core prices increased 3.3% year-over-year and 0.2% month-over-month in July, meeting economists' expectations. Headline PCE rose 3.7% annually and 0.2% monthly, slightly above consensus. Personal income also rose 0.4% and spending increased 0.2%, both stronger than expected. The report comes as Fed officials weigh their next policy move, with inflation remaining above the central bank's 2% target ahead of the Jackson Hole symposium.