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US inflation rises to 3-year high, spending picks up
The Federal Reserve’s preferred inflation gauge rose to a new three-year high in May as gas prices peaked, a sign rising costs could pose political problems for President Trump as midterm elections near.
The monthly PCE report is the Federal Reserve’s preferred inflation gauge.
PCE inflation rose to 4.1% while core PCE reached 3.4.
Traders anticipate the central bank hiking interest rates amid high inflation.
