The Federal Reserve’s preferred inflation gauge ticked up slightly in March as many Americans saw bumps in their paychecks and maintained a steady spending pace, according to data released Friday by the Commerce Department.
The personal consumption expenditures (PCE) price index rose 0.3 percent in March, holding steady from February.
The PCE price index rose 2.7 percent over the past year, around 0.1 percentage points higher than experts expected.
But last month was also the first time since December that Americans had more money to spend after inflation and taxes. Consumer spending rose 0.8 percent for the second consecutive month and disposable incomes also rose by 0.5 percent.
The March inflation report likely cements expectations that the Fed will maintain its baseline interest rate range of 5.25 percent to 5.5 percent at its policy meeting next week.
Although the central bank signaled a series of rate cuts at the end of 2023, Fed officials have held off on easing rates amid a run of strong economic data in 2024.
Job growth has blown past expectations for four straight months, and the unemployment rate has remained below 4 percent for the longest stretch since the late 1960s.
Welcome to The Hill’s Business & Economy newsletter, we’re Aris Folley and Taylor Giorno — covering the intersection of Wall Street and Pennsylvania Avenue.
More than 250 musicians, including notable figures such as Billie Eilish and Lorde, have signed a letter to Congress calling for concert ticket reform.
TikTok’s Chinese parent company, ByteDance, said it will not sell the popular video sharing app to continue its business in the U.S., despite facing a potential ban under a law President Biden signed Wednesday.
In March, U.S. layoffs rose by 7 percent, up from 84,638 job cuts in February to 90,309, the highest rate since January 2023 as AI-related restructuring continues to make its presence felt across numerous industries.
The House Financial Services Committee has a hearing set for next Wednesday at 10 a.m. E.T. focused on the merger policies of federal banking agencies.
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President Biden joined radio host Howard Stern for a surprise live interview Friday, sitting down with the shock jock at his New York City studio for a roughly hourlong discussion about Biden’s personal life and his presidency. Read more
A leader of the pro-Palestinian protests at Columbia University had a video emerge on social media this week, threatening violence to “Zionists.” Read more
What People Think
Opinions related to business and economic issues submitted to The Hill:
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