Fed's favored inflation gauge shows consumer price pressures remained elevated in July
1. Inflation remained elevated; PCE index rose 0.2% in July. 2. Core PCE increased to 2.9%, highest since February. 3. Wages grew 0.6% in July, rebounding from June's slow growth. 4. Federal Reserve weighs interest rate cuts amid inflation concerns. 5. Weak jobs report increases likelihood of a September rate cut.