The Fed's preferred inflation gauge is coming tonight! Core PCE for July may rise to 2.9% year-on-year, with tariffs costs accelerating transmission.

According to the Wise Financial APP, the Bureau of Economic Analysis (BEA) of the US Department of Commerce will release a report on personal income and expenses on Friday. The market expects the core personal consumption expenditure (Core PCE) price index, a key indicator closely watched by the Federal Reserve for inflation, to remain relatively stable in July, but "relatively stable" does not mean "unchanged." The consensus forecast of economists shows that in July, the core PCE price index (excluding food and energy price fluctuations) is expected to rise by 0.3% on a monthly basis, unchanged from June; however, the year-on-year increase is expected to rise from 2.8% in June to 2.9%, still above the Federal Reserve's target inflation rate of 2%.