The Commerce Department's PCE Price Index that came out 8:30 AM this morning is the Federal Reserve's preferred measure of inflation. The fact that it rose less than estimates is really great for the market.
This again show signs that inflation is cooling off. It takes 9-12 months for rate hikes to be felt and 12-18 months for the maximum effect. We will probably see more of Fed interest rate hike influence on Dec. 13th with the release of CPI data.
https://www.bea.gov/news/2022/personal-income-and-outlays-october-2022
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