U.S. economy grew at a 2.8% pace in the second quarter, much more than expected

[progree]

12. Core PCE that comes with the GDP report rose at a 2.9% annual rate in Q2

The Fed's Key Inflation Rate Overshoots As GDP Rebounds; S&P 500 Bounces, Investor Business Daily, 7/25/24

The Federal Reserve's key inflation rate came in a touch hotter than expected in the second quarter, as U.S. GDP growth perked up after a slow start to the year, the Commerce Department reported Thursday. The S&P 500 rebounded from Wednesday's sharp sell-off, as investors weighed the implications for the rate-cut outlook. The Federal Reserve's primary inflation gauge, the core PCE (personal consumption expenditures) price index, rose at a 2.9% annual rate in Q2, above 2.7% forecasts.

... Headline inflation slowed to a 2.6% annualized rate in Q2, down from 3.4% in Q1.

The quarterly core PCE inflation data provides a preview of Friday's big inflation report, which will break out monthly increases in the core PCE price index.

Prior to the GDP data, Wall Street expected a 0.2% increase in core PCE prices for June, lowering the 12-month core PCE inflation rate to 2.5%. However, the above-expected Q2 rise in core PCE prices suggests either June's increase will come in on the high side, or prior data was revised higher.

More: https://finance.yahoo.com/m/7963bf1c-f7f2-39f2-bbaa-4353cbd44cd9/the-fed-s-key-inflation-rate.html
(I'm using this link because it might make the Investor Business Daily one free)

Anyway, tomorrow is the big PCE inflation report for June, the Fed's favorite gauge and all that. 8:30 AM Philadelphia Daylight Time