Fed's Williams States Interest Rates Are Well Positioned as PCE Falls

Federal Reserve officials believe interest rates are "well positioned," despite three members dissenting in favor of a quarter-point hike at last week's meeting, according to comments from a Fed official. The Fed's preferred inflation gauge, the personal consumption expenditures (PCE) index, reportedly fell 0.1% in June, offering some respite to policymakers. This decline, along with a similar prior report, was attributed to falling gasoline prices.