US Core PCE rose 3% in January, highest since April 2024, with energy risks from the Middle East adding inflation pressure and supporting Fed inaction.
September core PCE rose 2.8%, beating forecasts after a shutdown delay, giving the Fed a final inflation read as tariff threats risk adding price pressure.
Core inflation stayed at 2.9%, supporting rate cuts as spending and income rose. Tariff effects were limited, and Trump hasn't applied the 10% Canada duty.