Although the price index valued by the U.S. Federal Reserve took a sideways step in the mid to high 2% range, the market was relieved that there was no ‘surprise rebound’.
The March core personal consumption expenditure (PCE) price index announced by the U.S. Department of Commerce rose 2.8% from the same month last year, recording the same figure as last February.
The representative personal consumption expenditure price index, which includes energy and food, rose 2.7% from last year, slightly exceeding expert expectations by 0.1%p along with the core index.
Compared to the previous month, both the core and representative indices rose by 0.3% since February, which was in line with market expectations.
The market was concerned that prices in March would be higher than expected based on the first quarter GDP announced the previous day, but expressed relief when it stayed in the mid to high 2% range as expected.
After the announcement of the PCE price index, the New York stock market opened strongly, and all three major indices are showing an upward trend, with the Nasdaq soaring more than 2% during the day.
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