U.S. Annual PCE Inflation Holds Steady at 3.7% in July, Above Fed Target

The Personal Consumption Expenditures (PCE) Price Index, a key inflation gauge for the Federal Reserve, remained unchanged at 3.7 percent in the 12 months through July, according to the Commerce Department's Bureau of Economic Analysis. This figure is above the Fed's 2 percent target and exceeded economists' forecasts of 3.6 percent.